Lease termination comes 35 years ahead of schedule due to 15 years of unprecedented investment in growth and development in Southern Indiana
JEFFERSONVILLE (December 5, 2018) – The River Ridge Development Authority board of directors and staff joined representatives of the U.S. Army and Southern Indiana leaders Wednesday to celebrate 15 years of successful growth and development at the former Indiana Army Ammunition Plant.
During the event, leaders symbolically set aflame the 2003 master lease agreement to celebrate that RRDA has completed the transfers of all 6,000 acres of property at River Ridge Commerce Center and fulfilled all commitments under the 50-year lease agreement with the Army.
As a result, the Army has released all liens and reporting requirements on properties at River Ridge.
“This is a lot like paying off your mortgage 35 years early,” said Jerry Acy, Executive Director of the River Ridge Development Authority. “This is a testament to the hard work and major investments we’ve made in a relatively short period of time to redevelop this land into a world-class business park.”
“We couldn’t be happier to be nearing the New Year and knowing we’ve reached a significant milestone in our partnership with the Army,” said J. Mark Robinson, President of the RDDA Board of Directors. “Fifteen years ago, we were charged with the goals of acquiring 6,000 acres of land, investing in infrastructure and remediation, and creating jobs and tax revenue to improve the local and regional economy. This lease termination recognizes that our staff and partners have accomplished the initial goals we set with the Army.”
River Ridge is currently home to about 60 businesses that employ more than 9,000 workers. Its tenants include major employers like Amazon, Bose, Enjoy Life Foods, Shoe Sensation and Tenneco. Niagara Bottling, Bluegrass Supply Chain Solutions and several other firms also have announced plans to open operations at the park next year.
A 2017 economic impact study found that River Ridge supports more than 27,000 regional jobs and generates more than $27 million in state taxes and more than $5 million in local income taxes annually.
Since River Ridge was founded, it has invested more than $90 million and redeveloped nearly 1,200 acres – or about one-fifth – of the former Army property. The Authority continues to invest in infrastructure such as roads, utilities, demolitions, environmental remediation and site clearing to bring additional jobs and employers to the Southern Indiana and Louisville area.
The RRDA has more than $70 million in debt obligations for on-going infrastructure investments and is responsible for an estimated $370 million in future infrastructure costs to provide the roads, utilities and other amenities required to fully develop its 6,000 acres to meet the needs of major employers.
“We still have a lot of work to do to realize River Ridge’s full potential,” Acy said. “But this shows we’re on the right course to replace the tens of thousands of jobs that once were here to support our country.”
About the River Ridge Development Authority
The River Ridge Development Authority was originally established to replace the lost economic revenue previously generated by the now shuttered Indiana Army Ammunition Plant. Our goal has expanded to meet the tailored needs and create the top destination for advanced manufacturing, distribution and industrial companies from across the nation and around the world.