Jeffersonville's River Ridge Commerce Center burns U.S. Army lease
LOUISVILLE, Ky. (WDRB) -- Jeffersonville's River Ridge Commerce Center reached a milestone on Wednesday, as its developers set its lease on fire.
The River Ridge development was once home to the Indiana Army Ammunition Plant, and the U.S. Army had a 50-year lease on the property, which was terminated in August. River Ridge developers and U.S. Army representatives celebrated on Wednesday by sending a ceremonial lease up in flames.
The lease was in place to make sure the nearly 6,000 acres of land didn't sit empty and become an issue for the community once the ammunition plant closed.
Within the lease, River Ridge had different milestones to reach over 50 years -- all of which were finished within 15 years. One of those lease agreements included paying off the remaining debt owed to the U.S. Army.
"It's been a load lifted off, as you said," said Jerry Acy, executive director of River Ridge Commerce Center. "It's a milestone, but it's an interim milestone. We have spent over, almost $100 million on demolition and rebuilding infrastructure."
The development is home to about 60 businesses with more than 9,000 workers. Since the lease was terminated, all liens on the property were removed.
River Ridge has about 4,800 acres left to develop, and plans to do finish that in 15-20 years to bring more jobs to southern Indiana and Louisville.
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