City Council to Vote on Capital Development Bond with Clark/Floyd Counties Convention Tourism Bureau

At their meeting this Thursday, the city council is set to discuss a capital development bond for the Clark/Floyd Counties Convention Tourism Bureau. In June of 2017, the city, in partnership with the Culbertson Mansion, applied and was awarded $825,000 from the Tourism Bureau for the New Albany Visitor and Historic Generator Project. The Culbertson Mansion is currently undergoing many restoration projects, including a full restoration of the home’s original cast iron. As part of the $825,000 award, approximately $231,000 will be applied to the cast iron restoration at the Mansion.

The Culbertson Mansion

The City is aiming to help promote tourism through several additions, including a new boat ramp, additional picnic areas, boat docks, increased walking and running trails, and more along the Ohio River, including updates to the scenic and historic Loop Island Wetlands.

The Ohio River Greenway

The capital development bond will be paid for through the $825,000 grant awarded to the City. There is no financial obligation for repayment of the bond from the city – the Tourism Buereau is responsible and obligated to pay the bond.

“This generous gift from the Tourism Bureau will help restore one of our most historic properties, the Culberston Mansion,” stated Mayor Jeff Gahan. “In addition, the city will continue working towards connecting our citizenry back to our river heritage, and will provide opportunities for everyone to enjoy our Riverfront Greenway.”

City Takes Steps to Save $220,000 Per Year Through Refinancing

At today’s New Albany Redevelopment Commission meeting, the board moved forward with refinancing three outstanding bonds in order to save approximately $220,000 per year. The refinancing proposal will not increase the original term length of financing, and lowers interest rates significantly.

The three outstanding bonds have a current rate of 4.125%, 4.870%, and 5.700%. Under the refinancing package approved at today’s meeting, the rate is 2.500% for all three outstanding bonds, saving approximately $220,000 per year.

“I’m pleased that we are able to refinance these obligations at a much lower rate,” stated Mayor Gahan. “This end of year action will net savings for the citizens of New Albany.”

The proposal will now move to the New Albany City Council for approval at their Thursday meeting.