City of Jeffersonville Holds Groundbreaking at Veterans Parkway

The City of Jeffersonville broke ground on July 17th on the first of three phases of improvements along Veterans Parkway, all of which are designed to improve safety and encourage commercial development.

Phase I will cost $548,890 and includes the construction of turn lanes and the installation of a traffic signal at the intersection of Veterans Parkway and Town Center Boulevard.  Project funding is via Tax Increment Finance revenues, an expenditure approved by Jeffersonville's City Council and Redevelopment Commission.

Phase II will cost $310,772 and includes an approach and side road.  Phase III will cost $289,090 and includes the installation of street lights along Veterans Parkway from U.S. 31 to Woehrle Road.

"These improvements are necessary and represent a great potential for return on investment," said Mayor Tom Galligan.  "We are spending $1.1 million on additional infrastructure improvements and the Jeffersonville Town Center along - which is only one of several commercial properties that can be developed along Veterans Parkway - could result in as much as $310 million in private dollars being invested into our community and property tax base."

City Council President Ed Zastawny, who also serves on the Redevelopment Commission, said, "The improvements to Veterans Parkway would not be possible without cooperation among Tom Galligan and members of the City Council and Redevelopment Commission.  This work will enhance the look and functionality of Jeffersonville's Veterans Parkway entrance and should serve as a catalyst for growth along the road."

Zastawny added, "I know that there has been some impatience with the pace of development along Jeffersonville's side of Veterans Parkway and that much of that has been directed toward the Jeffersonville Town Center.  Jack [Koetter] has invested considerable amount of time and money in this project and has done so at his own financial risk.  From Jack's standpoint, the Jeffersonville Town Center may represent a business opportunity, but from the city's standpoint the development represents an investment in Jeffersonville's future."

Koetter, the Jeffersonville Town Center's developer, is president of Floyds Knobs-based Koetter Real Estate Services.  The Jeffersonville Town Center was announced approximately six years ago as a $130 million lifestyle center that will offer 1.1 million square feet of retail, dining and office space.

The Town Center site is located on the west side of Hamburg Pike and straddles Veterans Parkway.

Veterans Parkway improvements were designed by Jacobi, Toombs & Lanz, a Clarksville-based engineering firm.  MAC Construction & Excavating, Inc., of New Albany, is the general contractor for all three project phases.  MAC Construction was selected as the contractor following a sealed bid process.

"The Redevelopment Commission is eager to initiate projects that will have positive and long-term effects for the City of Jeffersonville and Southern Indiana," said Rob Stevens, president of the Redevelopment Commission.  "This project will help facilitate private investment in our community and improvement in our quality of life, making it a natural fit for the commission's goals and objectives."

The Veterans Parkway project was proposed only after the accounting form Crowe Chezek completed a fiscal review of each of the city's Tax Increment Finance Districts earlier this year.  The review - which took into account only existing TIF revenues and did not project revenues that will result from additional development - concluded that more than enough money was available to fund the improvements.

"The development of Veterans Parkway is a hot topic," said Zastawny.  "During last year's elections, mayoral and City Council candidates were asked about Veterans Parkway over and over.  Once we knew the TIF revenues could support these improvements, we knew we had to address the public demand that we help make something happen."

"What we're trying to do is give developers all along Veterans Parkway the tools they need to recruit restaurants and retailers to our city," said Galligan.  "Jeffersonville will get this done.  In the past 12 years we've witnessed a resurgence in our downtown, the development of Restaurant Row along Riverside Drive and the development along North Shore Drive and Southern Indiana Avenue.  Twelve years ago, no one believed those things would be possible."

Contact:  Larry Thomas, Communications Director (City of Jeffersonville)

Cell Phone:  812-786-9727