WASHINGTON — The Washington City Council decided Monday night to move forward with paperwork for a bond issue that would fund necessary infrastructure work ahead of I-69’s arrival.
Once the paperwork is complete, it will allow them to evaluate the details. Ron Arnold, Daviess County Economic Development Corp. executive director, presented the bond issue option to the council.
He explained that it would be paid with Economic Development Income Tax (EDIT) funds at a rate of $70,000 a year for a 15-year period.
The Daviess County Economic Development Foundation would do the bond issue, according to Mayor Larry Haag, and make $1 million available to the city for creating the infrastructure, such as water and wastewater conduit, needed under I-69 prior to its construction when such development would be less expensive.
Originally, it was thought the county had eight to 12 years before the interstate would arrive, but the timetable has been moved up, and it’s now expected to be here in 2012.
“I’m sure by now everyone is aware of I-69 coming through and the furious pace it’s coming,” Haag said. “The city has to have the proper infrastructure. We’ve looked at many creative ways to fund the infrastructure under I-69.”
He pointed out that there will be “a nice stream of traffic” coming by Washington when the interstate is complete that will bring in revenue, and a lease bond with the county offers an opportunity to use interest-free funds to jump start the city’s growth to accommodate that.
“It will stimulate growth,” he said. “Without it, we’re stymied. We need to show we mean business and want business.” Arnold said infrastructure development also will build assessed value, which will then increase EDIT funds, because it’s based on assessed value
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