CLARKSVILLE, Ind. (WDRB) -- Clarksville has never claimed a downtown area of its own, but that's all changing after a major riverfront redevelopment plan was approved.

"It provides Clarksville a downtown, a natural built environment, a new atmosphere for the residents and visitors," said Dylan Fisher, the Clarksville Redevelopment Director.

Clarksville's Town Council met on Monday to review a proposal to revitalize the riverfront and south end of town.

All seven council members voted in favor of the plan.

"It was a very exciting moment for all of us, its a very pivotal and catalyst project and you know a changing point for the town," said Fisher.

The improvements will span over 320 acres, starting at the waterfront and extending to I-65 and the rail line.

"The Waterfront, the Colgate site, the Marathon site and the Water Tower Square particularly make up the transformation area and that's where you are going to see the most significant alteration to the environment," said Fisher.

The council plans to preserve and improve historical properties, especially the Colgate plant, including it's famous clock.

Fisher says it may become an additional commercial or residential building with the clock on top, just as it has been.

The downtown area will be a mixed-use district with apartment buildings, restaurants, local shops and entertainment venues. 

"Everybody wants to be involved in this, you get calls on a daily basis, people who are interested in it and want to know more about it. It's not just the staff and elected officials that are involved in it, it's the community residents, they're excited. A lot of people want to see this go through," said Fisher.

The project is estimated to take 10 to 15 years to complete.

More than $210 million in private investment is expected, along with the addition of 650 jobs and $46 million in future tax revenue," said Fisher. 

"It won't be a tax increase or tax burden to the community. We're going to use the TIF or tax increment financing tool, it's a potential funding source to do some of the improvements," said Fisher.

Progress has already been made in the Water Tower Square. They've added sidewalks and street lamps and are extending Court avenue all the way to Woerner avenue. This is just one of many steps in Clarksville's plan to transform the area.

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