One Southern Indiana’s ONE Fund Loan Program Approves Emergency Loan for Widow’s Walk Ice Creamery. 

One Southern Indiana’s Program Assists Long-Time Local Business with Operations Costs. 

[Clarksville, Indiana] – July 3, 2024 – One Southern Indiana (1si) is pleased to announce the successful approval of a new loan through The ONE Fund Loan Program. This loan will support Widow’s Walk Ice Creamery, a community favorite, in Clarksville, IN. 

Built in 1998, the Widow’s Walk Ice Creamery is a staple of the community, serving over 10,000 customers a month during peak season with a variety of sweet treats, such as specialty sundaes, shakes, and floats.  

“I am very thankful that this type of loan exists for small businesses in need,” said Jill Dodson, owner of Widow’s Walk Ice Creamery. “I appreciate every single person involved with making this happen, including Lisa Brooking, my Business Advisor with the Indiana Small Business Development Center, who shared the ONE Fund opportunity with me.” 

“Widow’s Walk Ice Creamery is a staple of the redevelopment of the South Clarksville area,” said Clarksville Town Manager Kevin Baity. “We are proud to partner with One Southern Indiana to bolster small businesses in our area, including the partnership with the ONE Fund to support our local small businesses.”   

“The ONE Fund was the perfect opportunity for Widow’s Walk Ice Creamery,” said Rachael Armstrong, the Small Business Navigator at One Southern Indiana and the Indiana Small Business Development Center. “We are thrilled to see how Widow’s Walk will grow this season, and the success that will come from helping small businesses achieve their goals.” 

About The One Fund 
The ONE Fund was created by One Southern Indiana in 2022 to provide small business owners in the Indiana counties of Clark, Floyd, Jefferson, Scott, and Washington with the capital required for start-up and growth initiatives. The Fund provides microloans to small businesses as their “lender of last resort” in order to support small businesses as they work toward stability and bankability. For more, visit www.1si.org/funding.  

About One Southern Indiana 
One Southern Indiana was formed in July of 2006 as the economic development organization and chamber of commerce serving Clark and Floyd counties. 1si’s mission is to provide the connections, resources, and services that help businesses innovate and thrive in the Southern Indiana / Louisville metro area. For more, visit 1si.org. 

For Additional Information: 

Widow’s Walk Ice Creamery 
Jill Dodson, Owner 
Phone: (812) 725-8415 
Email: wwjdodson@gmail.com 

One Southern Indiana 
Brittany Schmidt 
Manager of Program, Events, and Groups 
Phone: (812) 945-0266 
Email: BrittanyS@1si.org  

Rachael Armstrong 
Small Business Navigator 
Phone: (812) 206-9021 
Email:  rachaela@1si.org  

Thanks for Renewing Your Membership | June 2024

One Southern Indiana would like to thank the following members for renewing their membership during the month of June 2024.

Quarter Century Club (25 Years or More)Member Since
Baptist Health Floyd1968
Samtec, Inc.1977
TowerPinkster1988
Dan Cristiani Excavating Co., Inc.1990
Rasmussen Chiropractic LLC1990
ISU Insurance and Investment Group1992
MAC Construction & Excavating, Inc.1992
Pro Laminators1995
Mills, Biggs, Haire & Reisert, Inc.1996
  
Ten to 24 Years 
Luckett & Farley2003
Baker Commercial Real Estate2004
Kentuckiana Air Education Network2004
Commonwealth Sign Co.2008
Coronado Stone, Inc.2010
Kentuckiana Wood Products, Inc.2011
LBMC2011
Owings Patterns Inc.2011
Jenpale LLC2013
University of Louisville – College of Business2013
A Plus Paper Shredding2014
Elite Printing Resources, LLC2014
  
Five to Nine Years 
Clayton & Lambert Mfg. Co.2015
Signature Countertops, Inc.2017
  
Two to Four Years 
The Sporting Club at the Farm2020
Welbilt2020
Silver Creek School Corporation2021
The Ridge Liquors2021
20/twenty Strategic Consultants2022
BAYA – Beautiful as You Are2022
Hotworx- Jeffersonville2022
Joash, Inc.2022
Resident Home, Inc.2022
  
One Year 
Elite Packaging LLC2023
Holiday World & Splashin’ Safari 2023
John Jones Auto Group2023
Michell Allen Ritz Architects2023
Prosource2023
The Community Kitchen2023
Transit Authority of River City-TARC2023

Economic Update | First Interest Rate Cut Coming in September, or Maybe July

submitted by
Uric Dufrene, Ph.D., Sanders Chair in Business, Indiana University Southeast

After a rocky start to the year, inflation appears to be heading in a downward trend again. After peaking during the middle of 2022, inflation then began a steady ride down. Supply chain issues, one of the causes of the inflationary spike, were being resolved, and this showed up as disinflation in big ticket items such as cars and trucks. As 2023 came to an end, inflation continued to move in a favorable direction, and the Fed opened the door to cuts during 2024.  At the start of the year, the Fed indicated that the economy could expect three cuts to the Federal Funds rate. The market was even more optimistic as it was expecting six cuts across 2024. Disinflation saw gains in consumer indicators like consumer sentiment, rising from a 50-plus-year low.    

Then as 2024 began, inflation was proving to be stickier. The first quarter saw inflation coming in higher than expected, leading the Fed and market to back off the number of anticipated interest rate cuts for this year. Six expected cuts by market participants declined to two, and the Fed signaled a decline from three to one cut for 2024.   

The past couple of months have produced inflation reports that were more favorable for pending interest rate cuts. Inflation was weaker than expected, and odds are now favoring the first cut to occur in September. With a labor market that continues to show some signs of softening, additional weak readings in inflation could eventually result in three rate reductions this year, higher than what current market participants are expecting. 

Declining inflation matters to consumers because of the impact on prices paid. Consumers also feel the sting of inflation with higher interest rates, from credit cards to car loans and mortgages. The barometer rate to watch here is the 10-year Treasury yield, a key determinant of interest rates paid by consumers, and strongly influenced by expected inflation. As inflation falls, interest rates on the 10-year yield will follow.  This means lower interest rates for consumers, particularly mortgage rates. Back in October 2023, the 10-year yield almost crossed the 5% threshold, peaking at 4.92%. Mortgage rates almost surpassed 8%, stopping at 7.9%.  With the most recent slide in the 10-year yield, mortgage rates have also declined, now just under 7%. 

So, what happens to inflation will have a lot to say about Federal Reserve actions on interest rate reductions and the 10-year yield.  The Fed will see another employment report and CPI before the next July meeting.  If inflation comes in weaker than expected, look for the first cut in September.  If we get a weak employment report, with either a weak payroll number or a noticeable uptick in the unemployment rate, look for the odds of a July cut to increase. If we see no Fed action in July,  two to three cuts are likely for the rest of the year.  The combination of a softening labor market, weaker consumer spending, and inflation that approaches the preferred 2% rate will provide the go-ahead for the Fed to begin easing.  The presence of the November election puts the first cut in either July (currently low probability) or September.  This provides an option for subsequent cuts or another pause.  Waiting until November throws politics into the mix, and this is what the Fed will want to avoid. Expect a first cut in either July or September.

Clarksville Parks to Host Ribbon-Cutting for New Ashland Park Playground

The new inclusive playground replaces equipment installed in the late 1990’s.

CLARKSVILLE, IN (June 24, 2024) – The Clarksville Parks and Recreation Department will be hosting a special ribbon-cutting ceremony on Wednesday, July 10th at 5:30 pm to celebrate the opening of the new accessible playground in Ashland Park.

Nearly $300,000 was spent on the installation of the new playground and the replacement of the existing mulch with new turf surfacing. The project was paid for with the help of a grant from the Land and Water Conservation Fund (LWCF). The project not only updated the play area, but also made it more accessible for those with disabilities.  The previous play structure, which was removed in late April, cost around $10,000 and was purchased back in 1995.

“With the installation of a new accessible playground in Ashland Park, inclusivity becomes the cornerstone of play as we continuously work to improve life along the beautiful Ohio River,” said BJ Nelson-Lynton, Superintendent of Clarksville Parks.

The updated playground is just one of the many changes currently underway along the Ohio River.  The Town of Clarksville is also currently in the process of completing a major reconstruction of Riverside Drive.  That project includes creating new multi-use paths for bicyclists and pedestrians, adding new lighting and on-street parking, and upgrades to storm drainage and sanitary sewers.  The 11-month project is scheduled to be completed in November 2024.

Town leaders and members of the Clarksville Parks and Recreation Board will officially open the new playground at 5:30pm on Wednesday, July 10th.  Residents and members of the media interested in attending are reminded to use Sherwood Avenue in order to access Riverside Drive and Ashland Park.  Due to construction, there is no access to Riverside drive from Jeffersonville.

 

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Managing IP Honors Stites & Harbison Attorneys on“IP Stars” 2024 List

LOUISVILLE, Ky. (June 20, 2024)—Managing Intellectual Property (Managing IP) magazine has named nine Stites & Harbison, PLLC attorneys to the 2024 “IP Stars” list. Managing IP recognizes the most highly regarded intellectual property attorneys in the U.S.

The star attorneys are nominated by their peers and in-house counsel. Inclusion on the list is based on surveys, interviews and independent research conducted by Managing IP. “IP Stars” further separates honorees into the following categories: Copyright, Design, Patent, Trademark and Transactions Stars.

Stites & Harbison has been recognized for Intellectual Property in Kentucky, Tennessee and Virginia since the inception of the “IP Stars” list in 2013. The following is a listing of Stites & Harbison’s Copyright, Patent and Trademark Stars for 2024:

Kentucky (Copyright Stars):

– Joel T. Beres

Kentucky (Patent Stars):

– Mandy Wilson Decker

– Michael S. Hargis

– David W. Nagle, Jr.

– Warren D. Schickli

– Patrick M. Torre

Kentucky (Trademark Stars):

– Joel T. Beres

– Michael S. Hargis

– Patrick M. Torre

Tennessee (Copyright Stars):   

– Alexandra MacKay

Tennessee (Patent Stars):                                          

– Richard S. Myers, Jr.

Tennessee (Trademark Stars):

– Alexandra MacKay

Virginia (Patent Stars):             

– B. Aaron Schulman

About Stites & Harbison

Stites & Harbison, PLLC is a nationally recognized, full-service law firm. With 11 offices across six states — Kentucky, Georgia, Indiana, Ohio, Tennessee and Virginia — the firm represents clients across the United States and internationally. Tracing its origins to 1832, Stites & Harbison is known as a preeminent firm managing sophisticated transactions, challenging litigation and complex regulatory matters on a daily basis. For more information, visit www.stites.com.

The Louisville Zoo Celebrates Start of Summer with Discounts and Line Up of Activities for the Season!

LOUISVILLE, Ky. (June 20, 2024) – The Louisville Zoo is celebrating the start of summer this weekend with a great ticket discount. This weekend only, June 22 and 23, 2024, adults ages 12 – 59 can enjoy general admission for only $20. Children (ages 3 – 11) and seniors can enter for only $15 per person. Children two and under are always free. The Zoo encourages guests to prepare for the weather with refillable water bottles, cooling off at indoor air-conditioned spaces, and visiting the popular Glacier Run Splash Park — free with Zoo admission or membership. Plus, be sure to pick up free cups of ice water at concession stands or stop by a Louisville Water Company bottle refill station located inside the African Outpost, near the entrance to the Islands’ Pavilion and on the Zoo’s main plaza.

Guests will want to stop in and see their favorite new mates — the Zoo’s recent additions, male koalas Dharuk and Telowie — along with red panda, Sundara, in his new habitat and, of course, elephants Punch and Mikki, ahead of their move to The Elephant Sanctuary in Tennessee in 2025.

The Zoo kicks off summer with a full slate of activities including movie nights for both adults and kids as well as character days.

Movie Nights in the Oasis Field

The Zoo is celebrating the summer with a movie series under the stars! Enjoy Late-Night Date Night features or Cinema Safari films for the younger set. Join the Zoo staff in the Oasis Field at sundown to watch on our giant inflatable screen. Gates opens at 8 p.m. The movies start at sundown. Tickets are $5 for non-members, free for Zoo members. Tickets must be purchased at the gate and cannot be purchased online. Concessions will be available for purchase. Guests are encouraged to pack their own blankets and lawn chairs.

  • June 21: “Barbie” Presented by Mercy Academy
  • July 26: “Top Gun”

Cinema Safari is sponsored by Great Clips

  • July 12: “Trolls Band Together”
  • August 9: “The Super Mario Bros. Movie”
  • September 13: “Haunted Mansion”

Meet Me at the Zoo

Meet and greet some of your favorite storybook characters free with Zoo admission or Zoo membership on the following days:

  • June 22: 10 a.m. to 2 p.m., Royal Rendezvous
    • Meet and greet some favorite princess characters presented by Norton Children’s
  • July 20 & 21: 10 a.m. to 1 p.m., Santa’s Summer Safari
    • Enjoy meeting Santa and Mrs. Claus on their summer vacation and recall cooler times with winter-themed holiday enrichment for animals and games for the kids.
  • August 10 a.m. to 2 p.m., Super Back to School Bash
    • Start the new school year with two favorite video game heroes who happen to be brothers and their princess pal. Presented by Norton Children’s

Zoo Hours

The Zoo is open daily year-round. Spring/summer hours are 10 a.m. ─ 5 p.m. (stay until 6 p.m.). The Zoo is closed on Thanksgiving, Christmas and New Year’s Day. Visit louisvillezoo.org for more info.

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The Louisville Zoo, the State Zoo of Kentucky, is the top, non-profit, paid attraction in the state. The Zoo is dedicated to bettering the bond between people and our planet by providing excellent care for animals, a great experience for visitors, and leadership in scientific research and conservation education. The Zoo is accredited by the Association of Zoos and Aquariums (AZA).

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River Ridge Development Authority Advances Strategic Land Sale

Additionally, RRDA Board Awards Access Road Construction Contract

Jeffersonville, IN  (June 17, 2024) – At its monthly meeting today, the River Ridge Development Authority (RRDA) made significant strides forward in its mission to drive economic activity in Southern Indiana.

Jerry Acy, RRDA’s Executive Director, is leading negotiations for the sale of approximately 23.5 acres of undeveloped land, known as Tract 12G, strategically positioned along Salem Road and within Jeffersonville, presenting an attractive opportunity for development. The potential buyer intends to construct a 150,000 square foot industrial building on the site.  A 60-day window has been set for the execution of a purchase and sale agreement, highlighting the urgency of the process.

The potential economic impact of this venture emphasizes the RRDA’s commitment to fostering growth and job creation in Southern Indiana.

The Board also approved a contract for $1.3 million to Excel Excavating, Inc. to extend 1,700 linear feet of access road and drainage infrastructure near its headquarters building to serve future tenants of the River Ridge Commerce Center. 

Board Meeting Materials Now Available Online

Additionally, as part of its commitment to transparency and accessibility, the RRDA announced that materials from its board meetings are now accessible on its website at www.riverridgecc.com. 

About River Ridge Development Authority

The River Ridge Development Authority, spanning over 6,000 prime acres, has become a source of major economic development for the Louisville-Southern Indiana region. Established to mitigate the economic impact of the shuttered Indiana Army Ammunition Plant, the River Ridge Development Authority has evolved its mission to meet the tailored needs of the community. Our goal extends beyond mere replacement of lost revenue to creating a premier destination for advanced manufacturing, distribution, and industrial companies from across the nation and around the globe.

Serving as home to more than 80 companies, RRDA contributed an estimated $2.93 billion to the region’s economic output in 2023, supporting over 18,000 jobs. In addition, RRDA funded approximately $20 million in capital projects in 2023. These initiatives include vital infrastructure improvements, including $5.9 million in roadway projects, $6.2 million in utility enhancements, and $3.5 million allocated to demolition and site preparation.

Clarksville Historic Preservation to Honor 100-Year-Old Homes

Owners will be presented with special plaques during a June 27th ceremony.

CLARKSVILLE, IN (June 17, 2024) – The Clarksville Historic Preservation Commission (HPC) will be honoring the latest newest additions to the Clarksville 100-Year-Old homes list. For the last four years, the HPC has presented plaques to the owners of area homes that hold a historic value to the Town of Clarksville.

In order to be considered for the historic honor, a home must be at least 100-years-old. The homes of this year’s recipients range from 100-years-old to more than 130-years-old. A special celebration will be held on June 27th at 5:30 PM, at a home at 404 Harrison Avenue, Clarksville, IN.  Clarksville Town Council President Ryan Ramsey and HPC Chair Lynn Lewis will present the homeowners with their plaques. Since the historic home program was started four years ago, more than 30 historic Clarksville homes have been recognized.

This year’s homes include:

404 Harrison Avenue – The Tetley House – Circa 1923
407 West Harrison – The Patterson House – Circa 1890
119 South Elm Street – The Miller House – Circa 1924
506 Kenwood – The Bushfield House – Circa 1902
1009 Virginia Avenue – The Aigner House – Circa 1902

 

IU Southeast Presents Mid-Year Economic Update

NEW ALBANY, Ind. (June 14, 2024) – The Indiana University Southeast School of Business offers faculty, business leaders, and community residents an opportunity to learn more about the local economy.

The Mid-Year Economic Update, sponsored by the IU Southeast School of Business, will be held at 8 a.m., Tuesday, June 25, 2024, in the Hoosier Room located in University Center North, on the IU Southeast campus at 4201 Grant Line Rd in New Albany. Breakfast is from 8:00 a.m. to 8:30 a.m. followed by the presentation.

Sanders Chair in Business Uric Dufrene will speak about national trends and the implications for the local economy. Dufrene, former IU Southeast School of Business dean, will also highlight the most recent data available for the Greater Louisville and Southern Indiana economy.

Dufrene, along with industry experts from the IU Kelley School of Business, shared economic predictions at the annual Indiana Business Outlook Panel last November. At the Mid-Year Economic Update, Dufrene will provide updates about the predictions made in November based on data from the first half of 2024, and he will offer predictions for the remainder of the year.

This event is free and open to the public, but reservations are required. For more information or to register by Friday, June 21, contact the School of Business at (812) 941-2362 or business@ius.edu. More information is available at https://go.iu.edu/economic-update.  

 

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About IU Southeast:  IU Southeast is one of seven campuses of Indiana University. Offering more than 150 degree programs and concentrations, the scenic 180-acre campus is located less than 15 minutes from downtown Louisville, Kentucky. It currently has over 3,750 students and employs over 360 faculty members. About 400 students live on campus in five fully furnished, lodge-style residence halls. Through an agreement with the Commonwealth of Kentucky, Indiana University Southeast offers in-state tuition to students enrolled from eight counties in the Louisville region. IU Southeast has three nationally recognized, accredited schools including the School of Business, School of Education, and School of Nursing. For more information, visit www.ius.edu. IU Southeast is a tobacco-free campus.