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May 8, 2014

County prepares for bond issue for major development

The Daviess County Council is getting ready to take the first step in a series of bond issues that will lead to new development on the east side of Washington. During Wednesday’s meeting the council received information on the bond issues from consultants Jason Semler with Umbaugh and Associates and Lisa Lee with the law firm of Ice-Miller.

The consultants explained the $13.3 million in bond issues that will be funded through the GPC Tax Increment Finance District. The project will consist of one bond issue by the county and two by the city of Washington that is expected to result in a project behind Alliance-Barrier Films, north of Business 50 on the east side of the city.

“We have been talking about this for quite awhile,” said Ron Arnold with the Daviess County Economic Development Corporation. “The council had directed me to pursue this project and now we are ready to move forward.”

The first bond issue will be for $2.1 million and will be issued by the county. “This will be used to clear up a misunderstanding concerning tax abatements given to GPC,” said County Attorney Grant Swartzentruber.

“GPC believed the abatements they received on business personal property would leave them with no taxes on it for seven years,” said Semler. The abatement instead phased in the taxes on the equipment over that seven year span.

“GPC will cover the bond issue and the money from the TIF District will be used to settle the tax question,” said Semler.

“This does not cost the county any money and will not be placed against the county’s ability to bond other projects in the future,” said Swartzentruber.

The second bond issue will be issued by the city of Washington and will be used for infrastructure improvements on the east side of Washington. The $4.5 million bond will be used for the addition of a siding on the CSX Railroad, upgraded roads and utilities and a new bridge. The project will take in almost 23 acres.

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