The Daviess County Council took action Tuesday to pay off 2.2 million dollars in bonds. The 2006 economic development bonds involved the E-G and G at Westgate and Olon Industries properties on Washington’s east side. Officials said the payoff is saving about a half million dollars. The resolution that was passed unanimously called for used of County Adjusted Gross Income Tax funds to be used in paying off the bonds in the amount of over $10,000. The payoff is freeing up about $500,000 in Economic Development Income Tax and requires the city of Washington to pay over $420,000 which the city agreed to do last month.
During the special meeting Tuesday the council heard from patrons Marty Sellers, John Richardson and Marcia Yeager who questioned the process implemented in paying off the bonds. It was nine years ago when the EG and G property was sold by the Daviess County Economic Development Corporation to a private company. Some felt the money gained then should’ve been used to pay off the bonds. Council President Mike Sprinkle says he had learned a lot through the process but defended the action saying new development; tax revenue and jobs had been created.