Today the Indiana Economic Development Corp (IEDC) awarded $10.5 million in redevelopment tax credits towards the demolition and redevelopment of the tower presently located at 5th and Main Streets in Downtown Evansville.
The award is from the State of Indiana through the Redevelopment Tax Credit program which provides credits for the redevelopment of vacant buildings that are over 40 years old and part of a Regional Development Authority’s development plan. Preference is given to properties within an Opportunity Zone.
“We are pleased to be awarded these credits for this important step in moving forward with our vision for this critical Main Street block,†said Mayor Lloyd Winnecke following the award announcement. “We will continue to keep the community informed on the progress of the development including the impending implosion of the tower.â€
The original requests — submitted on December 21, 2020 — included a $7.8 million redevelopment tax credit request for the Sycamore property also, located at 4th & Sycamore Streets.
“We were advised by the IEDC that they would not consider two applications for the same block at this time,†Candace Chapman, Downtown Evansville Development Corp. (DEDC) Executive Director explained. “This credit would have been put towards the demolition and redevelopment of the Sycamore building site, which proposed a four-story mixed-use development. We remain committed to the redevelopment of the entire block and look forward to continue working with the State to ensure the second development can move forward as soon as possible.â€
