The Daviess County Council reluctantly signed off on a plan to pay down 2011 bonds used to buy land at WestGate at their Wednesday meeting.
The plan was approved by the county commissioners on Tuesday and sent to the council. It calls for 1.65 million of 3.1 million to be paid off this year using Economic Development Income Tax (EDIT) funds. The total cost would be paid off in 3 years using the EDIT monies.
At issue, was the council’s understanding that they had already voted to pay off the entire amount back in January using EDIT, Riverboat, and General Fund monies. However the commissioners did not carry out that plan. The council as a whole felt they should’ve been more involved in the decision and negotiation of the pay off.
The plan will save the county up to about $90,000 and pay off the bonds five years early.