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Council introduces revenue bond ordinance for Ward Gateway District; adoption expected next month
Summary
Warrick County staff introduced Ordinance 202602 to authorize a taxable economic development revenue bond for the Ward Gateway District (about 300 acres; phase 1 ~100+ acres). Presenters said the bond is funded solely by Epworth TIF revenues and would not affect county property taxes or debt capacity; council approved the ordinance's introduction for a vote next month.
Warrick County Council accepted the first reading of Ordinance 202602, which would authorize taxable economic development revenue bonds to support infrastructure and pad-ready development in the Ward Gateway District (an Epworth TIF area).
Steve Raleigh, economic development director, said the project covers about 300 acres in a master-planned activity corridor and that phase 1 includes roughly "100 plus acres" for roads, utilities, retention and initial neighborhood work. Raleigh emphasized this is a revenue bond funded solely by Epworth TIF money and not a general obligation bond: "So there is 0 property tax or income tax exposure for the county," he told council.
Raleigh described the financing as a draw bond placed with Old National Bank to reduce issuance costs and avoid rating and market exposure. He said the funds would come from redevelopment commission savings earmarked for the project, and that staff will work with bond counsel and Baker Tilly before the adoption vote.
Councilor Rick (recorded in the minutes) moved to approve the ordinance introduction; the motion was seconded and the council carried the motion unanimously. Staff said they will return next month for final adoption and to authorize the bond issuance if the council approves.
