JEFFERSONVILLE —
A proposed program that would offer new restaurants the incentive to locate in Jeffersonville through forgivable loans got some consideration Wednesday night by members of the Jeffersonville Redevelopment Commission.
The program was proposed by the last city administration but didn’t get off the ground before the new council came to office in January. No action was taken Wednesday, either, but the commission agreed to move forward with developing the idea.
Essentially, the program would loan city dollars garnered through tax increment finance districts and the urban enterprise zone to match potential restaurateurs up to $50,000. A restaurant would have to be located within the TIF districts or UEZ in order to qualify for those dollars. And it would have to stay in business for five years in order to have the loan forgiven.
At one point, Louisville had a similar program in place. A key difference in Jeffersonville’s effort, at least under the original proposal by the last administration, will be that the money will be restricted so it can only be used for permanent fixtures within the restaurants — exhaust fans, sinks, dishwashers, bathroom improvements and the like. That way if the business fails, the city can work with the owner of the property to try and get another restaurant into a building.
“Everybody was totally for the program,” said James Lake, a current commission member who also served on the board last year.
He said such programs have worked to stimulate business in New Albany.
“It’s certainly a great tool to have in our toolbox,” he said.
Commission President Mike Hutt said he too would like to see it move forward. However, he’d want to cap the number of loans given out to first gauge the program’s success.
Rob Waiz, executive director of economic development for the city, asked the board to read over the proposal and come up with suggestions and changes.
IN OTHER BUSINESS
• The board agreed to purchase two more pieces of property related to the downtown canal project. Land at 214 W. Maple St. and 829 Indiana Ave. was overlooked when the city purchased all the parcels around each lot. Waiz said he did not yet have an offer in mind for either property. The board unanimously granted him authority to move forward with the purchases.
The future of the canal project, proposed as a means of solving combined sewer overflow and easing flash flooding by the city’s last administration, is up in the air following elections last fall. Newly-elected Mayor Mike Moore has a press conference planned for 11 a.m. today at Jeffersonville City Hall to address the matter. Check newsandtribune.com for information on the press conference.
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