In the past two months, the state, the City of Bowling Green, and Warren County have all contributed to the "Tax Increment Financing" District by issuing bonds for the project.
Now, the legwork to actually complete the project has begun.
Now that the TIF District has been accepted, the real work is just beginning for the Warren County Downtown Economic Development Authority.
The group is currently trying to set up market studies and environmental analysis of the proposed TIF District to spark interest in the projects' bonds.
"Bonds are going to be sold to fund this country across the country to investors that'll be bringing their money to Bowling Green but are not familiar with our area, and not familiar with downtown Bowling Green and what the project's like," Chairwoman Mary Cohron said.
Cohron says these studies should give interested parties the needed confidence to sign their name on the dotted line.
"They're going to want some assurances that the revenues that are projected to be generated are based on firm projections that make sense," Cohron continued.
But in order to make these studies happen, the Development Authority has to issue another bond.
"We authorized the purchase of a specific bond issue up to $900,000 to in fact fund some of those studies that need to be done," Cohron said.
Right now, the group is trying to complete the issuance of at least one bond before the closeout of the year.
"We have about $6-million that we need to go ahead and issue this year because of the bonding capacity of the county, and that money being available," Cohron noted.
Once the initial bond is issued this year, Cohron says larger bonds will be issued next year.
Then she says we may start seeing some physical movement on the TIF District.