I keep intending to ask whether DNA ever did a full board vote on its advocacy of this project, or whether it was an executive decision, but no matter. We've written much about River View, including this sampling:ON THE AVENUES: How do we pick the winners?
The Wizard of Oz, or maybe Pearl Street.
Gonder on forks and forms (Form Based Codes).
Here's the official DNA case, made with increasing urgency as the vote draws near and community skepticism rises.
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Thursday June 16th is an important night for the future of downtown New Albany.
New Albany’s City Council will hold its regular meeting this Thursday, June 16 at 7:30 p.m. in the 3rd floor Assembly Room of the City/County Building. In this meeting, the Council will vote on whether or not to pass the resolution to include the River View project into the existing downtown TIF district. This vote is critical to the project advancing to the next step! While this is not the final vote that will make the project a go (but rather to simply include the project into the existing TIF district), this is however, a CRITICAL vote because, if the resolution is not passed at this meeting, the project is dead in the water! Mainland Properties MUST get the resolution passed in order to advance to the next step which is secure their private financing. Without the resolution getting passed, the lending institutions will not go any further with working out lending terms until they know we have an actual project. Once the resolution is passed, we’ll then be able to get into the ‘meat’ of the matter on the financing details.
In case you’ve missed the recent public forum / public hearing meetings which Mainland Properties and the City Council have jointly held in an effort to disseminate all of the information and details about the project, let us share with you now some of the more pertinent facts about River View:
River View is an estimated $49 - $53 million project, consisting of retail, office and residential space including;
40,000 sq. ft. of retail space
40,000 sq. ft. of office space
550 space (2-levels) underground, parking garage
… and, a 70,000 sq. ft. public plaza which will offer handicapped parking, water fountains, various art features, park benches, shading devices, beautiful park-like landscaping/trees, bike racks, ample lighting, etc.
150 sq. ft. of residential space (approximately 111 condos, varying in size and price point)
We believe River View is a huge opportunity for the City of New Albany … not only will having such a development bring a dramatic increase in the number of families living downtown (111 estimated families), but also a sizable number of jobs within the development (conservatively, 456 estimated jobs … 230 during construction and 226 afterwards), and significant local income and property tax injections into the TIF district. The positive impact of having such an influx of new residents and workers will certainly trickle back out into the rest of the community and only serve to positively enhance the momentum already enjoyed with the various new shops and restaurants who have recently located within the downtown area. Much like the phenomenal success the YMCA has enjoyed, we believe River View will also enjoy similar success, while at the same time, further supporting the momentum which the YMCA has generated.
So, what is Mainland Properties ‘asking’ of the City?
1. To have the River View project be added into the existing TIF district, which will allow us the opportunity to move forward with the private financing piece.
2. A $12 million Economic Development Bond (NOT to be confused with a General Obligation Bond), to offset the total cost of $19 million to construct the parking garage.
(Keep in mind that Mainland Properties absorbs the remaining $7 million of the garage, as well as the remaining $37 - $41 million of the building masses)
Why should you support the River View project?
1. The risk to the City is ZERO! The $12 million Economic Development Bond will NOT be funded by taxpayers, but rather underwritten by Mainland Properties.
2. The City will not release ANY money from the bond until Mainland Properties has their private financing secured, guaranteed and ready to implement.
3. Mainland Properties’ credit worthiness MUST be strong enough for them to secure financing in order to move the project forward. If it’s not, then NO project and NO bond.
4. If, at some point, there should be a shortfall in the tax revenue accrued from the development, then Mainland Properties will be liable for the bond payment, NOT the City and NOT the taxpayers. The risk truly lies with Mainland Properties … NOT the City!
If you’re anxious to see New Albany experience a remarkable, long-awaited rebirth and have a downtown area which invokes the mood and atmosphere of a much simpler time when people took pride in their community, walked to the store and talked to their neighbors, we believe NOW is New Albany’s chance! There are few opportunities in our lives to be associated with the rebirth of a community, and yet New Albany is on the verge of just such a moment.
Please join us this Thursday, June 16 at 7:30 p.m. at the City/County Building and show your support for River View.







