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10/2/2018 12:21:00 PM
Jeffersonville City Council approves tax incentive for Masonic Temple

Melissa Goforth, News and Tribune

JEFFERSONVILLE — The old Masonic Temple in downtown Jeffersonville is moving closer to both a new purpose and improved appearance.

On Monday night, the Jeffersonville City Council unanimously approved a resolution that grants a 50 percent per year property tax phase-in incentive for the property's owners, Denton Floyd Real Estate Group. The company plans to relocate its Louisville headquarters to that location.

Additionally, the council unanimously approved a request for $30,000 for facade improvements. 

"The funds will come from a rarely used economic development abatement fund," said Councilman Nathan Samuel, who recommended that approach.

The Jeffersonville Redevelopment Commission already has approved $20,000 of the $50,000 originally requested by Denton Floyd for its proposed $2.5 million investment.

According to information submitted to the city by Denton Floyd, the building at 509 E. Spring St. "will complement the business mix and maintain the community character while also addressing a blighted historic landmark."

The company provided a summary of the direct fiscal impact of the project, including $776,019 in direct revenue generated by the project through estimated property tax/TIF income, Economic Revitalization Area fee income and local income tax.

Denton Floyd, in its original letter of intent to the city's economic development and redevelopment department, requested support from the city for "investment, development and employment."

The company seeks the city to provide a public parking lot at Kentucky Avenue and Sixth Street. The city would construct and maintain a 41-space parking lot parcel to serve the development.

Additionally, they seek the city to provide a crosswalk and other related sidewalk improvements along either side of Kentucky Avenue, or at a location deemed appropriate by the city.

The company states it will initially begin with approximately 30 employees with "high-paying service professional jobs" at its new location and will employ an estimated 45 employees at peak employment.

"We believe through additional partnership, we can collectively convert a social liability into a community asset," according to the letter of intent. 

Construction is expected to commence by the end of the year.

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Editor, John C. DePrez Jr.; Executive Editor, Carol Rogers; Publishers: IBRC and IAR


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