The city of Washington, Washington Economic Development Commission, and Washington Redevelopment Commission met Monday evening for a special meeting to discuss a joint economic development project that would bring a warehouse facility and infrastructure, including casing for gas and fiber lines, water lines, and waste water lines, planned for the I-69 corridor.
"This is a big project and a joint effort between the groups. It's also the first project to develop on the I-69 corridor," said Mayor Joe Wellman. "Next week we'll have a series of meetings to act on the pieces of the project to make it happen."
Located on 23-acres north of Alliance Barrier Films, the proposed warehouse, rail line and other infrastructure local officials hope will entice businesses and manufacturers to Daviess County. "What we are looking at is just the start," said Ron Arnold, executive director of the Daviess County Economic Development Corp. Arnold said most businesses are not looking to build a facility but rather are looking for communities where warehouse facilities are already built.
To cover the cost of the project, Series A and Series B bonds will be sold. Series A bonds will be for infrastructure and are tax exempt while Series B bonds will be for the warehouse and are taxable. While the city will be issuing those bonds, the city has no financial liability as the city is the conduit according to state law.
Four local financial institutions have agreed to buy the bonds and the Daviess County Community Foundation has agreed to front $75,000 annually for a number of years.
Representatives from Umbaugh and Associates as well as Ice Miller law firm were on hand to answer questions about the project from local officials as well as members of the public who were on hand.
City Councilman Eric Bassler showed some concern over the building of the warehouse because he doesn't feel that building the warehouse is part of the role of the government. Bassler said he believes if there is a need for the warehouse, someone in the private sector will build one.
"If someone wants to step up and build the warehouse, I'm all for that," said Arnold.
"If the demand was there, someone would put up the money to build," said Bassler.