"'The fundamental purpose of the canal is to prevent storm water from mixing with the sewers,' says Jeffersonville communications director Larry Thomas. 'Instead of only solving one problem that we have to solve, we want to create more economic activity downtown.'
Mayor Galligan envisions a mix of privately developed shops, restaurants, and nightlife lining the canal to draw tourists."
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This is similar to a project
This is similar to a project that was created in Frederick, MD. Carrol Creek Park was created as a flood control project with underground conduits for flood waters to flow through and an above-ground linear park with Carrol Creek as a water feature. The underground (covered) conduits were constructed between 1983 and 1993. Construction of the park itself officially started in 1991.
http://www.businessinfrederick.com/economic_development/carroll_creek_pa...
Carrol Creek Park is also considered to be a successful economic development project, as it has attracted a claimed $150 million in private investment. It's also a very nice place to take a walk.