Jasper Cultural Center bond research approved

The Jasper Common Council gave the Jasper Community Arts Commission permission to begin the legwork on the bond issue for the proposed Jasper Cultural Center.

The bond will be to pay for the Jasper Arts portion of the joint project involving the Jasper Public Library and Louisville-based developer City Properties Group (CityVisions). The bond will be paid for through the economic development income tax funds the city receives.

The council approval allows the arts commission approval to hire a firm to determine how much an EDIT-supported bond should be.

“The bond is intended to be supported only by EDIT funds,” said Mike Jones, president of the Jasper Community Arts Commission. “It would not be a property tax-supported bond. It would not affect property tax rates.”

A recent $1.7 million donation of matching funds to Jasper LEADs hinges on the creation of the cultural center at the former Hoosier Desk property located at Third and Mill streets. The center will be home to the new library, arts space and a private development that could include housing and retail space like a restaurant or café.

Jasper LEADs – which stands for library, enrichment, arts and downtown — is a capital campaign to raise $8 million for the several projects in the City of Jasper. Those projects include the renovation of the Astra Theatre undertaken by The Next Act Inc., the Downtown Square revitalization efforts and the Jasper Cultural Center.

The library is attempting to raise $2 million to offset the $6.5 million referendum request.

Also at stake is over $3.4 million in tax credits through the Indiana Economic Development Council for the Jasper Cultural Center.

“There is a lot of money that is going to be left on the table if the referendum doesn’t pass,” Jones said.

According to Jones, the arts commission doesn’t know how much they need to seek for the bond and this will determine that.

“The bond amount will be impacted by sources that will be developed in the next several months,” he told the council. “Potential sources being developed are grant opportunities as well as partnerships and private donations through Jasper LEADs, which of course was announced last Wednesday in this very chamber.”

The arts commission wants to have the bond amount known by the end of the summer.

According to City Attorney Renee Kabrick, the city has supplied Umbaugh Associates with all of the projects currently being funded through EDIT funds. With this information, Umbaugh will be able to determine how much of a bond the arts commission can afford.

Also in the meeting last night:

The council passed two resolutions to assist Next Act Inc. in receiving a grant through the Office of Community and Rural Development. The Astra Theatre was declared an asset in need of revitalization and the mayor was given authorization to submit a grant application for the Astra Theater for the matching portion (about $200,000) of the grant being sought through Indiana Region 15. Both passed unanimously.