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Southern Indiana Tourism seeks council pledge for two downtown Clarksville projects funded by innkeepers tax bond
Summary
Southern Indiana Tourism asked Clarksville to consider a municipal pledge enabling up to $500,000 in bond proceeds (two $250,000 awards) from a tourism capital development fund backed by innkeepers tax; staff said the formal document will be presented to council on April 1.
Jim Epperson, executive director of Southern Indiana Tourism (the Clark & Floyd Counties Convention and Tourism Bureau), briefed the council March 18 on the tourism capital development fund and requested a municipal pledge to permit bond financing for two Clarksville projects.
Epperson said the fund sets aside 25% of the bureau's funding (by statute) to pay bonds for board‑approved municipal projects. "So 2 separate projects each would receive $250,000 under 1 bond that you would be issuing for $500,000," Epperson said, describing awards to the Falls of the Ohio education pavilion and to a permanent stage/central green project connected with the Cornerstone Group. He explained the structure uses innkeepers tax revenues to back the bond and that the board will vote on related paperwork the next day; he said a document will be presented to council on April 1 for formal action.
Council members asked about bond issuance fees and historical experience; Epperson said fees have varied and that costs for recent bond placements had risen substantially during COVID but his goal is to keep fees around $25,000 for the current issues and to place the bond in a way that preserves project proceeds. Council thanked Epperson and indicated they would consider the pledge when the formal documents are presented.
