Funding Stalls for Rail-Served Pulaski County Industrial Park

Pulaski County Economic DevelopmentThe Pulaski County Council wants to see a plan for bringing industry to a proposed rail-served industrial park between Medaryville and Francesville before agreeing to set aside money for land acquisition.

CDC Executive Director Nathan P. Origer has proposed transferring unappropriated County Economic Development Income Tax (CEDIT) money into the industrial development fund. Doing so would allow for the purchase of the property without having to sell the county farm land near Winamac. Origer also notes it could create a shortfall if the CEDIT is not reimbursed from the sale of county-owned land or another funding source.

Right now there’s $1.4 million available in CEDIT along with $580,000 in a certificate of deposit at the First National Bank of Monterey that is drawing a modest interest rate.

The county is looking to purchase 55 acres of property just south of Medaryville adjacent to the existing CSX railroad to establish a rail-served industrial park. That was one of the recommendations in a comprehensive strategic plan for economic development completed a few years ago.

Origer says the property owner wants $693,700 for the ground. He estimates an additional $700,000 to add utilities but says half of that cost could be covered by a grant.

Before agreeing to spend that much money, the council would like a plan to ensure a return on their investment. Origer notes it’s hard to quantify, as a company could opt to go elsewhere for any number of reasons. He adds between one-fourth and one-third of the leads he receives are from businesses looking for rail who are already in the decision making process. Origer also told the council the most attractive company that’s ever looked at Pulaski County in terms of jobs and economic investment needed a rail-served site.

Origer promised to put together a plan by the time his board of directors meets in January so they can review it prior to the next county council meeting.