Clarksville approves up to $14.5 million in bonds for downtown development

Aprile Rickert, The Evening News and the Tribune, Jeffersonville, Ind.
·1 min read

Sep. 22—CLARKSVILLE — The Clarksville Town Council council has approved bonds expected to help bolster continued redevelopment in South Clarksville.

The council voted unanimously at Tuesday's meeting to approve up to $14.5 million in economic development lease rental bonds to assist in development of the Current812 mixed-use space along Main Street in South Clarksville.

The project, led by Denton Floyd real Estate group, is planned to be a $45 million, 332,586 square-foot, five-story building which will include retail and restaurant space and 200 market-rate apartments. It was announced in July following a vote for the Clarksville Redevelopment Commission to sell the property and will be the second major development in the up-and-coming new downtown area, following Bolt+Tie which opened in the spring.

The bonds are not to exceed 22 years and will be repaid using annual revenues into the Tax Allocation Fund, from revenue-generating projects within the TIF area.

Clarksville officials recently issued a Request for Proposals to demolish 23 structures including 11 residential homes to make way for the upcoming Current 812 and necessary infrastructure improvements in the area.

The council also held a public hearing Tuesday for the proposed 2022 budget, which includes a general fund of $16.4 million; the 2021's certified budget has a general fund of $13.1 million.

The 2022 numbers include an estimated civil tax levy of $10.3 million, with another estimated maximum $7.8 million levy coming from the fire territory created in 2019. The council is expected to vote on the proposed budget during a special meeting at 6:45 p.m. Oct. 5, just before the regular council meeting that night.