Chamber of Commerce of Harrison County Pays Economic Development Loan
$382,047.86 Paid to Harrison County Economic Development Corporation Upon Closing on Sale of 7.944 Acres of Commercial Property
Just two years ago business and government leaders cut the ribbon opening a mile of new public roadway in Corydon, Indiana. Federal Drive/Pacer Court now extends from the retail/office complex that is near the I-64, State Road 135 intersection and connects with Corydon-Ramsey Road and Hospital Drive, providing additional access to the Harrison County Hospital complex.
Working together with two private developers, the Chamber of Commerce and the County Engineer, the Economic Development Corporation obtained a loan from the County to construct the road, water, sewer, and storm drainage system to encourage immediate business development in this area. The Economic Development Corporation has agreements in place for the land owners to repay the $1.6 million development costs as they make sales of their property.
Earlier this morning, the Chamber of Commerce of Harrison County paid back the Economic Development Corporation their share of the project costs. The $382,047.86 fully paid back the loan with the EDC representing the Chamber's total costs associated with the road development project. The payment was made possible by the sale of 7.944 acres of commercial property, owned by the Chamber, located along Federal Drive/Pacer Court and bordered to the north by I-64.
Darrell Voelker, Director of the Harrison County Economic Development Corporation, previously described the project as a "corridor of opportunity", noting that working under a public-private partnership is not new to the Economic Development Corporation, but it is unique in Harrison County for road building or other infrastructure development. "This project involved a lot of cooperation on the part of elected officials and business leaders. We are fortunate to have this demonstration of leadership in our community," said Voelker.
Northfield Commercial Development owners Edsel Byrd, Patrick Thompson and John Hall recently sold a parcel of their real estate and paid the Economic Development Corporation based on an agreed upon schedule according to the linear footage of roadway that was involved in the sale. As a result, the ED Corporation was able to repay the county $57,228 of the $1.6 million and Farm Credit Services built a new office building along the corridor and will have a grand opening in a few short weeks.
"The Chamber of Commerce of Harrison County is excited by the sale of the property along the 'corridor of opportunity'," Lisa Long, President, said. Long continued, "the movement of commercial property along Federal Drive/Pacer Court is indicative of future development that will mean business growth and development, jobs and an expanded tax base for Harrison County."
The Chamber is pleased to have the opportunity to re-pay the ED Corporation in a timely manner and faster than originally anticipated.
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