As a new sidewalk was being poured along 14th Street Thursday, a statutory paper trail paving the way for the 1400 Plaza Project was filed and ready, thanks to action at Wednesday’s New Castle Redevelopment Commission meeting.
Resolutions were passed, including one giving the RDC authority to spend bond proceeds. Two public hearings were held without any dissent. And a downtown dream moved closer to becoming a reality.
“This is going to be a game-changer for this community,” New Castle Mayor Greg York said of the project.
The plaza, envisioned as a parking area and venue for assorted community functions such as the Farmers Market or Broad Street cruise-ins, will link businesses expected to locate on the ground floor of the Jennings Building at 14th and Broad streets with the Arts Park in the 200 block of S. 15th Street and the Robert Indiana Arts & Culture District that runs from 15th and Broad south to A Avenue. The redesigned plaza also includes access to the parking area from both 14th and Race streets, a wider sidewalk along the east side of the Jennings Building to allow for outside tables if desired and two-way traffic in the 100 block of S. 14th.
Closed to traffic for at least the last four years, Mayor York has said the busy street will be open again soon after completion of the sidewalk project, which appeared to be making good progress Friday.
The plans also include more “green” spaces than previous designs, six trees on the east end of the area, a water fountain or water feature of some kind, and a small structure containing public restrooms on the southwest corner of the lot rather than in the Jennings Building as originally planned.
Lisa Lee of Ice Miller, bond counsel for the city of New Castle, outlined next steps in the process.
“We are waiting to sell the bonds until we have the construction bids,” Lee said. “It is expected to sell less than $2.125 at this point. We are looking to get the bonds rated because of the property tax back-up so you can get the best interest rates.”
Bonds for $2,125,000 will be sold and repaid using Tax Increment Funds. City Clerk-Treasurer Christy York said at Wednesday’s meeting, the RDC’s fund balance now stands at a healthy $457,702.82. A property tax back-up plan was put in place by the RDC to make the bonds more marketable, but officials say there is little risk of that being needed.
Officials also confirmed New Castle continues to have an A-plus bond rating, which will help in the sale of these bonds.
Lee said construction bids are tentatively scheduled to be let around July 2. “We’re looking to close around mid-August,” Lee added.
Mayor York expressed appreciation to the veteran RDC Board which includes Bill Aitchison, Jim Millikan, Larry Abrams, Scott Hayes and Sandy Bertram along with City Attorney David Copenhaver.
“It took me a few years to realize how important and just how strong this RDC Board is,” York said. “After being involved in other mayor’s meetings, I want to say a special thank you to the city RDC. I had absolutely no idea how many redevelopment commissions there are who have dissension, controversy, and problems. So I want to give you guys a special thanks for years of consistency and due diligence, hard work and leading our community financially in the right direction. And the passion the city and county’s RDC has given. I had no idea how smooth things go here compared to other communities. When you see some of the other problems and issues in other places, boy we’ve got it good.”