Warrick County Council adopts revenue bond ordinance for War Gateway District

Steve Raleigh, the county economic-development representative, returned for a second reading and asked the Warrick County Council to adopt an ordinance authorizing the county to issue taxable economic-development revenue bonds for the War Gateway District, a roughly 300-acre master-planned area aligned with the county comprehensive plan.

Raleigh said the bonds are economic-development revenue bonds backed by the district's TIF (tax increment finance) receipts, not general obligation bonds, and therefore do not affect county property taxes or the county's bonding capacity. "These are economic development revenue bonds. They are not general obligation bonds. They are solely backed by the funds in the EPOT TIFF," he said, and added the bonds are set up as draw bonds with no early-payment penalty. Raleigh said the county is working with Old National Bank to issue the bonds to reduce issuance costs.

Councilmember Greg Richmond moved to adopt Ordinance No. 2026-02 authorizing issuance of the bonds; the motion was seconded and carried by unanimous vote.

Why it matters: The bonds are intended to fund infrastructure—roads, utilities, site preparation—on the first phase of the district so vertical construction for initial housing and commercial parcels can begin. Raleigh said the first phase focuses on civil work and pad-ready lots for about 32 homes on roughly 100 acres of the development.

What’s next: Raleigh said, if approved, closing documents will be signed by county commissioners in the next week or two and the bonds will close shortly thereafter.