State Details New Commerce CorridorPosted: Updated:
Governor Mike Pence has announced plans for a $22.5 million connector between two major economic engines. The heavy haul corridor would provide a link between the River Ridge Commerce Center and the Port of Indiana - Jeffersonville. It is expected to be complete in 2016. River Ridge Development Authority Executive Director Jerry Acy says the connectivity is "critical" for businesses looking to move to the area. July 12, 2013
JEFFERSONVILLE, Ind. - Governor Mike Pence announced today that state and local partners will provide a combined $22.5 million in funding to complete the transportation corridor between the River Ridge Commerce Center and the Port of Indiana - Jeffersonville. The heavy haul corridor, the first in southern Indiana, will ensure that this area and the state of Indiana are positioned to maximize the possibilities for economic growth around the Ohio River Bridges Project.
"Throughout Indiana's history, logistics has been and will continue to be a mainstay which makes our state desirable and competitive for economic development opportunities. This partnership is a significant stride forward for southern Indiana's future infrastructure," said Governor Mike Pence. "Indiana has distinct advantages in location, infrastructure, economy, tax structure and regulation environment. By leveraging a critical asset in the southeast corner of our state, logistically speaking, this commitment will keep Indiana moving in the right direction as a state that works for business."
The Indiana Department of Transportation will contribute $11.25 million in infrastructure funding and a local quartet comprised of the city of Jeffersonville, Clark County Commissioners, River Ridge Development Authority and the Ports of Indiana - Jeffersonville will match dollar-for-dollar the state's investment. The funding will purchase right-of-way for a road and rail transportation corridor and construct a heavy-haul road connecting the Port of Indiana - Jeffersonville and River Ridge Commerce Center to each other, as well as to the East End Crossing of the Ohio River Bridges Project.
"It was important for the Indiana Economic Development Corporation to facilitate these discussions as this investment strategically maximizes the economic development opportunities of this area now so that when the Ohio River Bridge opens, companies will be able to fully realize the asset and move their products faster and more efficiently," said Victor Smith, Indiana Secretary of Commerce. "This project will stimulate new jobs and capital investment in the region and continue to position Indiana as one of the most sought after locations in the country to do business, both from a manufacturing and distribution perspective."
By coordinating the completion of this new heavy haul corridor and the East End Crossing in 2016, the state will align schedules and resources so that construction of both projects can occur in tandem, reducing fiscal and schedule impacts. The project will be especially attractive to steel and automotive manufacturers, as they need access to the port facility and River Ridge's 6,000-acre site. Also, a direct rail link is critical to allowing access to multiple Class 1 railroads, providing Indiana and prospective companies a competitive advantage.
Indiana is known as the 'Crossroads of America' with its central location within a half-day's drive of more than 20 major metropolitan markets. The Hoosier State is the fifth busiest state for commercial freight traffic and has more intersecting interstate highways than anywhere else in the country.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: The Indiana Economic Development Corp