Shelbyville elected officials are now looking at issuing bonds to help pay for the downtown redevelopment project.
The downtown project was one of many items discussed at a public forum on economic development issues Wednesday morning at the Knights of Columbus hall, 413 E. South St.
More than 180 people attended the forum which was moderated by Gerry Dick, host of the Inside Indiana Business television show.
Responding to a question from the audience, Shelbyville Mayor Tom DeBaun, one of five panelists leading the discussion, said the city would use racino funds to help pay for the roughly $20 million downtown project.
"Also, we're looking at a general obligation bond for the downtown as well," DeBaun said.
Both the city and county councils voted in June to commit public funding to the Shelbyville downtown redevelopment — $4.5 million in racino money from the county and $13.8 million from the city via a bond issue.
However, those written commitments were contingent on the city winning the state's Stellar Communities grant, but Shelbyville lost out to Rushville, so the councils will have to vote again on the matter.
Besides the downtown project, developing new housing options topped the list of discussion points.
The city has been trying to get private market-rate housing to occupy the upper floors in both the Methodist Building and the Knights of Pitheas building on the Public Square.
Ken Remenschneider, the city's consultant on the downtown project and also a panelist at the forum, said he's suggested to DeBaun the city hire an architect to draw up plans to show downtown property owners what's possible.
Another panelist, City Councilman Brian Asher (R - At Large), who is also executive director of the Shelby County Development Corp., the local economic development organization, stated previously another goal is to develop more upscale, executive-level housing priced in the $175,000 to $350,000 range to attract high-income residents to the community.
An audience member asked what the public support might be for doing that.
"We know the city and county are going to have to participate," DeBaun said, by way of adding infrastructure such as streets and sewer.
Dick said infrastructure is a high priority in economic development. Both Shelbyville and Shelby County recently received $1 million each in state funding for road and bridge projects.
"It's great to get those kinds of funds from the state," Shelby County Council President Tony Titus (R - At Large) said.
The grants from the Indiana Department of Transportation require a 50 - 50 match from local government.
Panelist Jack Horner, CEO of Major Health Partners, said another important economic development issue is health care, which is a growing cost for many employers.
MHP has created about 140 new jobs in recent years with more to come, he said, and is in the process of opening a new $105 million hospital at the Intelliplex Business Park.