EVANSVILLE, Ind. (WFIE) - More than $10 million in redevelopment tax credits have been approved for a downtown Evansville project. This money will go towards the demolition of the tall 5th and Main tower, and its revitalization.
The Indiana Economic Development Corporation agreed to the measure Wednesday afternoon.
“It will be the next new magnet for activity downtown,” Evansville Mayor Lloyd Winnecke said.
City leaders continue to visualize future developments downtown.
“One has built on the other which has led to yet more and more success,” Winnecke recalled. “So, we’ve seen incremental growth.”
Two redevelopment tax credits were submitted to the state. This includes buildings at 5th and Main, plus at 4th and Sycamore. The city sees them as two distinct projects.
The state thought differently. They will not consider two applications on the same block. Therefore, the $10.5 million tax credit will be applied only to the work at 5th and Main.
“This block, right in the heart of the city, two vacant and deteriorating buildings have to come down,” Winnecke explained. “Those buildings can’t stand, as they are, forever. So, I think we’re very fortunate that we have a development group with local business investors that really want to see this block redeveloped so the city can continue its positive progress.”
The original request, which was submitted in December, included the nearly $8-million redevelopment tax credit request for the Sycamore property, too. This was not cleared.
“The two projects on a similar timeline, just not the exact time line we had anticipated,” Winnecke added.
Once both buildings come down, plans call for a six-story building where 420 Main stands and a four-story building replacing Sycamore.
The Mayor says they plan to take the Sycamore request back to state at a later time, possibly as soon as the summer at the start of the new fiscal year.