HomeMy WebLinkAboutExecutive Order No. 2007-EO-003
EXECUTIVE ORDER NO. 2007-EO-003
OF THE MAYOR OF THE
CITY OF JEFFERSONVILLE, INDIANA
An Order to Adopt a Capital Improvement Plan Pursuant to IC 6-3.5-7
WHEREAS, the Indiana General Assembly has authorized counties to impose a county
economic development income tax ("EDIT") on the adjusted gross income of taxpayers, in
accordance with IC 6-3.5-7 ("ACT");
WHEREAS, the Clark County ("County") Council imposed EDIT at a rate of one-fourth
of one percent (.25%) annually on the adjusted gross income of County taxpayers;
WHEREAS, the Act provides that a county, city, or town which fails to adopt a capital
improvement plan may not receive: (1) its fractional amount ofthe certified distribution of
revenues from EDIT; or (2) any amount of EDIT revenues designated for its use by a city or
town in the county;
WHEREAS, the City of Jeffersonville, Indiana ("City") will be recipient of a distributive
share of EDIT ("Distributive Share") upon adoption of this Capital Improvement Plan and will
receive its Distributive Share semiannually in May and November from the County Auditor;
WHEREAS, the City now desires to use its Distributive Shares to finance certain projects
as authorized by the Act; and
WHEREAS, the City may use its Distributive Share to finance certain capital projects for
which general obligation bonds may be issue or for which a cumulative fund described under IC
6-1.1-18.5-9.8 may be established and economic development projects as defined in the Act,
through the issuance of bonds or through lease financings;
NOW, THEREFORE BE IT ORDAINED BY THE MAYOR OF THE CITY OF
JEFFERSONVILLE, INDIANA, THAT:
1. The Capital Improvement Plan of the Mayor of the City is hereby adopted, which
plan is attached hereto as Exhibit "A".
2. This Order shall become effective from and after the date of its adoption.
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Signed by me on this ~a - day of March, 2007.
Hon. Robert L. Wa' ,Jr.
Mayor, City of J ef ersonville, Indiana
Attest:
~
..' . t)~)~~
Hon. y WIlder
Clerk-Treasurer, City of Jeffersonville, Indiana
EXHIBIT "A"
ECONOMIC DEVELOPMENT INCOME TAX
CAP IT AL IMPROVEMENT PLAN
FOR THE CITY OF JEFFERSONVILLE, INDIANA
AS ADOPTED BY THE MAYOR
Introduction
This documents is hereby entitled the Capital Improvement Plan ("Plan") for the City of
Jeffersonville, Indiana ("City"). It is intended for adoption by the Mayor ("Executive") in
conformance with IC 6-3.5-7.
Term
The term of the Plan is 24 months or 2 years from the date of its adoption.
Plan Obiectives
IC 6-3.5-7 requires the adoption of the Plan by the Executive before the City may receive
its certified distribution of revenues from the county economic development tax ("EDIT"). The
Plan must specify the uses for which the City proposes to use EDIT revenues.
Description of Capital and Economic Develbpment Proiects ("Projects")
Project 1:
General Description: Downtown Redevelopment
Estimated Total Cost: $1,000,000
Sources of Funding: Private investment, CDBG funding, EDIT revenues
Planning, Development and Construction Schedule:
a. Planning and development under way;
b. Construction to begin no later than October 2007.
Project 2:
General Descri-ption: Streets and Roads
Estimated Total Cost: $500,000
Sources of Funding: EDIT revenues, general fund
Planning, Development and Construction Schedule: vanes
Project 3:
General Description: Sewer Projects
Estimated Total Cost: $300,000
Sources of Funding: EDIT revenues, general fund, EPA grants
Planning, Development and Construction Schedule: vanes
Project 4:
General Description: Ohio River Greenway Big Four Bridge Project
Estimated Total Cost: $3,000,000
Sources of Funding: TCSP funding, TE funding, EDIT revenues
Planning. Development and Construction Schedule: Ohio River Greenway project is on-
going. Big Four Bridge construction is scheduled to begin Fa112007. Construction will
last approximately three years.
Project 5:
General Description: Economic Development Projects
Estimated Total Cost: $150,000
Sources of Funding: IEDC funding, private investment, EDIT Revenues
Planning. Development and Construction Schedule: vanes
Project 6:
General Description: Parks and Recreation
Estimated Total Cost: $200,000
Sources of Funding: general funds, private investment, EDIT revenues
Planning. Development and Construction Schedule: varies
Purposes ofProiects
It is hereby found that the Projects are economic development projects because: each
would promote significant opportunities for the gainful employment of Jeffersonville's citizens;
attract major new business enterprise to Jeffersonville and retain and/or expand present business
enterprises within Jeffersonville.
Seventy-five Percent (75%) Test
In accordance with IC 6-3.5-7-16, the Plan incorporates projects, the cost of which is at
least seventy-five (75%) of the certified distribution the City expects to receive during the term
of the Plan as follows:
Expenditures for the term of the Plan:
Project 1: $500,000
Project 2: $300,000
Project 3: $150,000
Project 4:. $1,000,000
Project 5: $75,000
Project 6: $100,000
Total $2,125,000
City Certified Distribution for the term of the Plan:
2007: $1,200,000 (estimated)
2008: $1,200,000 (estimated)
Total City Certified Distribution for the term of the Plan: $2,400,000
Percentage of Certified Distribution allocated to Projects for the term of the Plan: 89%