The Jeffersonville Redevelopment Commission has taken a step forward in its long-awaited Gateway Project. The News and Tribune reports the city will negotiate with Indianapolis-based Keystone Realty Group over the sale and development of a 10-acre property near I-65. In March, the city narrowed the field of potential developers down to Keystone and Hoagland Commercial Realtors of Louisville.

The publication reports Keystone's offer for the land came in just under $1.2 million. Plans for the project include a hotel, two retail centers and three restaurants.

The project has been in the works for the last two years and Mayor Mike Moore sees it as a big economic boost for the city. Moore said previously he believes the project could bring an additional $1 million per year in tax revenue. He release a video last year saying the hotel business by itself could generate $70 million in economic impact.

Environmental remediation is already underway on the land, as is a $1.6 million sewage infrastructure project. That work had been held up by a council vote in order to save the system from having to be modified later as delays continued on the Gateway.

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