Owensboro Mayor Ron Payne announced today that Owensboro has been approved for the TIF (Tax Incentive Financing) to develop the 200-acre Gateway Commons development district off Highway 54.
TIF money will be used to repay Gateway Commons developer Matt Hayden, with Gulfstream Commercial Services, for building an access road between Kentucky 54 and Pleasant Valley Dr.
Mayor Payne personally thanked Governor Steve Beshear for his part in approving the TIF during Beshear’s visit to Owensboro today. “This is just another benefit we’ve (Owensboro/Daviess County) received from Governor Beshear during his time in office,” Payne said.
Gateway Commons is a mixed-use development project between Highway 54 and the US 60 Pleasant Valley exit. The Commonwealth Economics Tax Increment Financing Feasibility Analysis estimates that Gateway Commons will include 835,600 feet of retail space, 650 residential units to be built, a 55,000 square foot theater with a bowling alley, 2,200 jobs created over the next 20 years, and $3.1 billion in total economic impact.