The Harrison County Economic Development Corp. says economic development is “slowly happening” on a 54-acre plot it purchased in Corydon near Harrison County Hospital. The organization says a local business has moved its office to the Northfield Commercial Development.
June 20, 2014
Corydon, Ind. — Almost three years ago, Harrison County Government and Community leaders cut the ribbon to open a new connector road that opened “a mile of opportunity” north of Corydon, Indiana. The continuation of that development effort took a new step this week when the Harrison County Economic Development Corporation purchased 54 plus acres near the Harrison County Hospital campus.
In order to stimulate economic growth in the county, the Harrison County Economic Development Corp. (EDC) entered into an agreement with Harrison County to borrow the funds necessary to complete the roadways, water, sewer and storm drainage work along Federal Drive and Pacer Court. This connected the largest Commercial Development area in Corydon to the Harrison County Hospital campus. The complete cost was $1.6 million. The loan agreement to the county included the three property owners impacted repaying the EDC who would then repay the County for the improvements. An agreement was signed by all parties in October 2010. As of today, the EDC has repaid $439,000 to the County.
Earlier this year, the EDC worked together with a regional financial institution that owned about 54 acres to find a solution toward getting the property developed with the intent to create jobs and investment and to repay the loan to the county for the extension of the road and utilities.
The Director of the EDC, Darrell Voelker said, “Our objective was to stimulate the economy and that is slowly happening as an expanding Harrison County business has moved their office to the newly improved Northfield Commercial Development. Additionally, one of the other property owners was the Chamber of Commerce and they have sold their parcel and repaid the EDC for the infrastructure improvements. While I think we all hoped for a faster realization of return on the investment, economic times have really presented our community with a challenged market for new business growth, particularly in the commercial sector.”
“Today, while some of the property has changed hands from the original parties involved, the development opportunity is still outstanding,” said Kenny Saulman, Chair of the Harrison County Commissioners.
Source: Harrison County Economic Development Corp.