News and Tribune

March 17, 2014

River Ridge seeking $20 million in bonds

Money to fund economic growth



The River Ridge Commerce Center is within sight of its next round of bonds.

The River Ridge Development Authority unanimously approved a resolution seeking the issuance of $20 million in tax increment revenue bonds.

This number has increased from more than $19 million to include more development projects.

River Ridge Executive Director Jerry Acy said that these bonds will pay for ongoing economic projects and cover costs for building infrastructure, demolition and other construction.

River Ridge has issued one bond, which was for $8.5 million in 2010. The significant increase of dollars between these two bonds represents the commerce center’s growth in the past four years, Acy said.

The development authority is still deciding where the bond money will come from, and Acy said board members will officially approve the bond in about a month.

He also said there is no time cap on using the bond funds.

“We’re still just getting started,” he said of economic growth at River Ridge.