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Council authorizes request to accept $11.235 million from New Albany Community Authority for economic development projects
Summary
Council approved a resolution authorizing the city manager to request and accept $11,235,000 from the New Albany Community Authority economic development fund for routine expenses and projects, including $6.5 million earmarked for Ganten Parkway Phase 1 infrastructure.
The City Council voted March 4 to authorize the city manager to request and accept $11,235,000 from the New Albany Community Authority economic development fund to support the city’s 2025 projects and routine operating costs.
Dr. Stotts summarized the request and said the distribution funds a combination of recurring costs and new project items drawn from the city’s 2025 adopted budget. Line items listed in the legislative packet and summarized at the meeting included $2.5 million for job‑creation incentives, routine payment of CIC operating costs, support for local economic development organizations, shuttle program costs, an infrastructure maintenance allocation of $35,000, and $6.5 million earmarked for Ganten Parkway Phase 1 construction.
Staff said the resolution also authorizes assignment of the economic development fund and related trust to the New Albany East Community Authority upon the dissolution of the original New Albany Community Authority; the intent is to complete the transfer by December 31, 2025.
Council opened and closed the public hearing with no public comment and adopted the resolution. Staff said the request will also be presented to the NACA board for their approval as required by trust agreements.
