Stemler: State Budget Committee supports reauthorization of River Ridge Enterprise Zone
INDIANAPOLIS — State Rep. Steven R. Stemler (D-Jeffersonville) announced today that a key legislative panel has thrown its support behind efforts to reauthorize the River Ridge Enterprise Zone for another five years.
Stemler joined other members of the State Budget Committee in endorsing the reauthorization request from the River Ridge Development Authority during the committee’s monthly business meeting today at the Statehouse. The final authority for approval belongs to the Indiana Economic Development Corporation (IEDC), but Stemler said budget committee support is important in helping move the request along.
“The State Budget Committee helps oversee administration of the biennial state budget, and the group must review all requests of this type,” said Stemler, who was chosen to serve on the committee as an alternate by House Democratic Leader Terry Goodin (D-Austin) earlier this year. “However, the record of success compiled in the years since River Ridge was established in 1998 demonstrates the wisdom behind the creation of this enterprise zone and the good sense in reauthorizing it.”
At present, more than 40 businesses employing close to 8,000 people are located in River Ridge. The business activity generates an estimated $1.9 billion in total economic output, which is projected to generate almost $30 million in state income and sales tax revenues and close to $5.8 million in local income tax revenue.
“Officials estimate that an additional $400 million in revenue is needed to continue development of the site over the next several years,” Stemler noted.
“There is a strong belief that the economic benefits generated to date through River Ridge will continue to grow, especially with the construction of the Lewis and Clark Bridge. The tools used by River Ridge to develop this land—which include Tax Increment Financing (TIF), Urban Enterprise Zone revenues, and proceeds from land sales—can help us attract more employers to our area, which increases the potential for development of more good-paying jobs for the people who live and work in Southern Indiana.”
IEDC approval is expected to come in the next several weeks.