News and Tribune

Floyd County

February 22, 2013

New Albany council approves sports, aquatic complexes

Edit bond for paving stalled

(Continued)

NEW ALBANY —

The TIF bond will be backed by property taxes, which administration-hired financial advisers said will get the city a better deal in terms of an interest rate. 

In addition to stating his worries about how the debt could affect future projects, Zurschmiede said backing the bond up with property taxes is a risk. 

“This is about whether this council wants to put the citizens of New Albany’s property taxes on the line,” he said. 

The bond agreement that was approved by the city council to fund the construction of the Floyd County branch of the YMCA of Southern Indiana also included a property tax backup. 

Councilman Scott Blair amended the resolution so that the projects will have to be approved by the council before construction can begin. He said the city has about a $3 million unencumbered TIF cash flow which wouldn’t be greatly hampered by $1.2 million payments on the bond. 

“I think the financing is very solid and very secure,” he said. 

David Duggins, economic development and redevelopment director for the city, added that only five of New Albany’s seven TIF districts will be tapped for the bond payments. 

Gahan addressed the council prior to the vote and said the recreational amenities proposed should already be in place in New Albany.

“These efforts are all about making the City of New Albany competitive,” he said. 

If approved by the redevelopment commission, the bond note is for 21 years, and total expenses including interest would be $24.4 million if the maximum amount is borrowed. 

Gahan said the administration will hold several public meetings about the projects before construction begins. 

The administration announced a change in the plans for the Silver Street project this week after New Albany Little League officials confirmed the organization plans to build a new facility off Charlestown Road near the Interstate 265 interchange. 

Text Only | Photo Reprints
Floyd County
LOCAL MAGAZINES
Easter 2014 photos


Click on any photo to purchase it.

SPECIAL CONTENT
Twitter Updates
Follow us on twitter
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
AP Video
Judge Ponders Overturning Colo. Gay Marriage Ban Airlines Halt Travel to Israel Amid Violence NYPD Chief Calls for 'use of Force' Retraining VA Nominee McDonald Goes Before Congress Bush: Don't Worry, Sugarland Isn't Breaking Up US Official: Most Migrant Children to Be Removed Police Probing Brooklyn Bridge Flag Switch CDC Head Concerned About a Post-antibiotic Era Raw: First Lady Says `Drink Up' More Water Courts Conflicted Over Healthcare Law Holder Urges Bipartisanship on Immigration Raw: Truck, Train Crash Leads to Fireball US Airlines Cancel Israel Flights Obama Signs Workforce Training Law Crash Victims' Remains Reach Ukraine-held City Diplomatic Push Intensifies to End War in Gaza Cat Fans Lap Up Feline Film Festival Michigan Plant's Goal: Flower and Die Veteran Creates Job During High Unemployment
2013 Photos of the year


Take a look at our most memorable photos from 2013.