JASPER — Research to develop an economic development income tax-supported bond for the arts’ portion of the cost for the Jasper Cultural Center will soon commence.
The Jasper Common Council at its regular meeting Wednesday gave the Jasper Community Arts Commission permission to seek professional services to determine how much an EDIT-support bond should be.
“The bond is intended to be supported only by EDIT funds,” said Mike Jones, president of the Jasper Community Arts Commission. “It would not be a property tax-supported bond. It would not affect property tax rates.”
Money from the bond would be used to help the arts commission pay for its part of the Jasper Cultural Center, which is a joint project with the Jasper Public Library. The entities and a private developer, City Properties of Louisville, are working on plans to renovate the former Hoosier Desk property at Third and Mill streets to hold a new library, arts space and private development such as housing and retail space.
The library is seeking a referendum for November’s ballot to ask for voters’ permission to raise the library’s tax rate to support bonds to help pay for the library’s portion for the project. The Indiana Economic Development Corp. has also designated $3.4 million in tax credit for the project.
The arts commission is starting the process for a possible bond so that the details will be ready by the time it is known if a referendum for a property tax supported bond for the library has passed. A bond supported by EDIT does not need to be approved by a public referendum, like a property tax-supported bond does. The EDIT-supported bond is the same type of bond used to pay for the Jasper Youth Sports Complex.
Jones said the specific amount for the bond has not yet been determined.
“The bond amount will be impacted by sources that will be developed in the next several months,” he said.
“Potential sources being developed are grant opportunities as well as partnerships and private donations through Jasper LEADs.”
Jasper LEADs — which stands for library, enrichment, arts and downtown — is an $8 million fundraising collaboration for four projects: The Astra Theatre; upgrades to the city’s downtown area; and, via the cultural center, building the library and the arts center. The collaboration was announced last week, at which time it was announced that Jasper residents Jim and Pat Thyen were donating a $1.7 million challenge gift.
Jones expects a bond amount to be determined by early fall. At that time, the commission representative will ask the council to approve the specific bond amount. The cost for professional services would be rolled into the bond, City Attorney Renee Kabrick told the council
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