JEFFERSONVILLE — Indiana took another step toward financing its portion of the Ohio River Bridges Project on Thursday night.
The Indiana Finance Authority held a public comment session on its work to prepare a preliminary feasibility study and economic impact study related to the plans to construct the east-end bridge and its Indiana and Kentucky approaches.
But the finance authority did not collect a wealth of information as a paltry turnout limited those speaking to three people.
Indiana is seeking to finance the construction for its $1.3 billion portion of the Ohio River Bridges Project by entering into a public-private-partnership. Kentucky will finance the construction of the downtown portion of the project, which includes a new Interstate 65 bridge, its approaches and the reconstruction of Spaghetti Junction through traditional transportation funding and the sale of GARVEE bonds.
Jim McGoff, general counsel for the Indiana Finance Authority, said both studies open for comment are required by Indiana state statute in order to enter into a public-private agreement.
“We want to make sure that when we engage the studies that we’re including as much information or gathering as much information in the studies as we can so we thought it would be helpful to hear public comment to see if we were missing anything that is not already being scoped in the studies,” he said.
He added the purpose of the preliminary feasibility study would be to assess using a public-private financial and project delivery structure. The purpose of the economic impact study would be to determine the economic impacts on existing commercial and industrial development, potential impacts on employment and future development, as well as the possible fiscal impacts on local units of government.
Vice President of Sellersburg Stone Co. Kim Rush said the importance of the bridges project cannot be understated.
“From an economic standpoint the bridges project is probably the single most important project that’s going to be built, and definitely the most important issue facing our community today,” he said.
Rush believes long-term economic growth and significant job growth will result from the construction of the bridges project.
“I think the most important part is the long-term stable jobs this project’s going to create,” he said. “Where else in the country can you find almost 6,000 acres that’s undeveloped land with river, rail and interstate accessibility?” he asked. The 6,000 acres Rush referenced was the River Ridge Commerce Center.
Another speaker, David Blank, spoke to the concerns of Kentucky and Indiana splitting the project, as well as the impact of having a private entity to finance Indiana’s portion of the plan.
He said if a private entity will help finance the project tolling should be considered on all interstate bridges and that a percentage of the revenue brought in by the private partner be designated to go toward public transportation.
“It makes no sense to have a competitor who is a free, no toll bridge, in the Sherman Minton,” he said.
When Indiana Gov. Mitch Daniels, Kentucky Gov. Steve Beshear and Louisville Mayor Greg Fischer reduced the scope of the project last spring, they also requested the Louisville and Southern Indiana Bridges Authority, when determining the financing for the project, not include tolls on the Sherman Minton and Second Street bridges.
Blank also took aim at the tunnel planned on the Kentucky approach to the east-end under the historic Drumanard Estate. He said, under a performance-based contract, if the contractor can figure out a way to build the approach without the $255 million tunnel the contractor should receive a $100 million bonus.
“In return we get a much more equitable and sensible Kentucky approach,” he said.
Public comments were not limited to Thursday night’s meeting and will be accepted until Monday.
McGoff said it will take about four to six weeks to review and complete the work on the studies.
“A substantial amount of work has been done in the previous studies that have been done for the transportation applications, so it’s not starting from the beginning,” he said.
He added once the studies have been completed another round of public hearings will be held.
“Once the studies have been prepared, they’ll be available for public comment,” McGoff said.
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