RDC, Council pass wellness center bond resolution
A project some 40 years in the making, a bond resolution to fund the proposed wellness center/community center/YMCA has passed both the Greencastle Redevelopment Commission and City Council.
RDC Bond Resolution 2022-3 and City Council Resolution 2022-16 authorize the issuance of bonds by the RDC not to exceed $17.5 million on what is projected as a $28 million project.
A cash contribution from TIF funds by the RDC will make up the difference in the funding. Cost of the community center/YMCA portion of the project is seen as $23,186,000, while $5,165,000 is anticipated as cost of a medical office building for which Putnam County Hospital will have a 20-year lease at an estimated $260,000 per year.
The bond resolution unanimously passed the RDC on a motion from Gwen Morris, second by Lottie Barcus and a third favorable vote from RDC Chairman Erika Gilmore. Members Gary Lemon and Brian Cox were absent.
The City Council passed the resolution on a 6-1 vote with Cody Eckert casting the lone dissenting tally while Mark Hammer, Adam Cohen, Stacie Langdon, Dave Murray, Veronica Pejril and Darrel Thomas voted in favor.
The bonds will have a term ending Feb. 1, 2040 with a maximum interest rate of seven percent per annum.
Several steps still remain in the process, Mayor Bill Dory noted as the community moves toward a YMCA-type facility first discussed in the early 1980s.
A public hearing by the RDC will be conducted at 5:30 p.m. Nov. 1 at City Hall, possibly as a joint meeting with the Council.
After that then it becomes “more behind-the-scene administrative process,” Dory said.
Councilman Murray, who had hoped to hear a guaranteed maximum price on the project by the time the Council voted, reminded that interest will be another $8.4 million on top of the $28 million price tag.
“It needs to be said,” Murray said.
City Clerk-Treasurer Lynda Dunbar agreed. “It’s not just $28 million we’re spending on a building,” she said, “you’ve got to figure in the interest and other costs.
“You’re talking about a $28 million project but you’re adding another almost $8.5 million to that. And there’s not going to be a swimming pool, there’s still people who don’t understand that.”
But there will be three gymnasiums, she was reminded.
“I think it’s a good project and something we need,” Dunbar added before Pejril made the motion to approve the bond resolution with a second from Murray.
After the 6-1 vote, Councilman Cohen said that “using the Vigo County model,” the facility should be a money maker.
Perhaps it’s time, Cohen suggested, for the Putnam County schools and DePauw University to go together and build an indoor pool, similar to what’s occurred at Crawfordsville.
“Let’s get the ‘Y’ built and then discuss that,” Murray replied.
“There’s room out there for a pool,” City Attorney Laurie Hardwick said, alluding to the 73-acre site the city purchased from the Ballard family on the south side of State Road 240, immediately east of the Walmart Superstore.