54-Project

PLANS TO USE LOCAL TAX DOLLARS TO FUND PUBLIC-PRIVATE DEVELOPMENT IN DAVIESS COUNTY ARE MOVING AHEAD FULL STEAM. THE CITY HAS ALREADY COMMITTED ITS SUPPORT TO THE PROJECT. TODAY, DEVELOPMENT FIRM GULF-STREAM ENTERPRISES TOOK ITS *SO CALLED* 54 PROJECT BEFORE THE COUNTY, IN HOPES OF GETTING THE SAME RESPONSE. A 135-THOUSAND SQUARE FOOT CONVENTION CENTER, A SIX-THOUSAND SEAT ARENA, AND APPROXIMATELY 650-THOUSAND SQUARE FEET OF OFFICE AND RETAIL SPACE. A PROJECT THAT COULD CREATE ROUGHLY FOUR THOUSAND JOBS. THATS THE PROPOSAL GULF STREAM ENTERPRISES SET BEFORE DAVIESS COUNTY FISCAL COURT. Drew Augenstein (Gulf Stream Enterprises): "This is a project for the entire community, its not just for the city, not just for the county." Commissioner Bruce Kunze: "I think the proposal overall is a good project, but the issue we have too look at is whats the long term economic benefit to the county." One question the commission had was will the project generate new revenue? Gulf Stream says yes. New business will compliment already existing business, not compete with them" COMMISSIONERS ALSO WANTED TO KNOW IF THIS PROJECT WOULD HURT PLANS TO DEVELOP DOWNTOWN OWENSBORO. THE CITY RECENTLY SIGNED AN EXCLUSIVE PARTNERSHIP WITH GULF STREAM TO DEVELOP THIS AREA USING "TIF" MONEY. THAT HAS SOME RESIDENTS AND GOVERNMENT OFFICIALS CONCERNED. AND THEN THERES THE COST. Kunze: "The construction could be paid for by a TIF district if the numbers work, but the operational costs of a convention center and arena, if there is a deficit, those will have to be met by a governmental body." COMMISSIONERS MUST NOW ANSWER THESE QUESTIONS AND DECIDE WHETHER TO FORMALLY ENDORSE THE 54-PROJECT. GULF-STREAM IS EAGERLY AWAITING THEIR RESPONSE. THERE ARE STILL A LOT MORE STEPS THAT NEED TO BE TAKEN. IF GULF-STREAM GETS THE SUPPORT ITS SEEKING, EXECUTIVES WILL HAVE TO GO THROUGH A LENGTHY APPLICATION PROCESS TO MEET TIF REGULATIONS.