The New Albany Community Authority board of trustees on Jan. 17 voted to approve the disbursement of $1 million from the economic-development fund as part of an incentive for Bob Evans Farms, which is building its corporate headquarters off Smith's Mill Road.

The New Albany Community Authority board of trustees on Jan. 17 voted to approve the disbursement of $1 million from the economic-development fund as part of an incentive for Bob Evans Farms, which is building its corporate headquarters off Smith's Mill Road.

The incentive is an interest-free loan for 10 years.

The economic-development fund was created with revenue from income taxes collected in the various business parks in New Albany.

Scott McAfee, the city's communications director, said 35 percent of the income-tax revenue generated from the business parks goes to the city, 35 percent goes to the New Albany-Plain Local Schools and the other 30 percent goes into the economic-development fund to pay off debt or pay for new infrastructure in the business parks. McAfee said the money must be used for projects in the business parks.

The community authority board manages the economic-development fund and had to approve the disbursement.

The project has received several other incentives from New Albany, including: a 15-year, 100-percent tax abatement on real property taxes; a 20-percent income-tax credit for five years and a 25-percent credit on building inspections and fees if the company implements environmentally friendly technology on site; a 5-percent income tax credit for five years for health and wellness initiatives; and a $250,000 relocation grant, repayable over two years, to help with relocation expenses.

The community authority board also voted Jan. 17 to refinance bonds and save money with current interest rates.

Brent Bradbury, chief financial officer of the New Albany Co. and a member of the authority's board, said the bond term will stay the same, with the bonds being paid off in October 2024.

The community authority initially issued $38.1 million in bonds in 1995. Those funds were used to build New Albany High School, build Fodor Road and purchase a ladder truck for the Plain Township Fire Department. The bonds also paid part of the construction costs of the Plain Township fire station on Johnstown Road.

The bonds are being paid back with revenue from a 4.75-mill annual assessment on properties in the New Albany Country Club community.

The community authority refunded the bonds in 2001 and issued new bonds totaling $52.9 million. That figure included $38.1 million to repay the original bonds, enough to pay the interest on the original bonds accumulated through 2005 and $4 million in notes issued to the New Albany Co., according to the community authority's website.