May 9—ELWOOD — The Elwood City Council has approved a bond issue for the construction of a new swimming pool.

The city council Monday approved the resolution to issue up to $6 million in bonds to be repaid through tax increment financing from other developments.

Attorney Mark Farr said the funds will be used to construct a new pool to replace the existing pool that was closed in 2020 at the Mary Beth Dunnichay Aquatic Center on 19th Street.

Farrer said last month the Redevelopment Commission received four proposals for a developer and selected GM Development.

Farrer said it will be a public/private partnership and there are conceptional plans for a new swimming pool and splash pad at the site.

Mayor Todd Jones said the pool has not been rehabilitated since it first opened and water is leaking from the aging pipe.

"We've not really invested in the pool," he said.

Jones said the new pool will open in 2024 and will include a lap pool and splash pad in addition to the swimming pool.

Council member Jim Watters said the Plan Commission has approved spending $4.3 million on the pool project.

Farr said no property tax dollars will be used for the project.

The council approved $6,000 in American Rescue Plan funds for the Elwood YMCA to purchase new basketball goals.

The council tabled a request for $25,000 for the animal shelter which includes the purchase of a commercial grade washer and dryer.

Follow Ken de la Bastide on Twitter @KendelaBastide, or call 765-640-4863.