Here is the Kunkel-ERC Memorandum of Understanding

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From page one: “this MOU does not constitute a legally binding or enforceable agreement and does not create any legally binding obligations whatsoever, express or implied.”

Link to the MOU:

Kunkel ERC MOU

Link to Mayor’s Press Release:

Mayor’s Press Release-Hotel_Development_MOU-12-16-11

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3 COMMENTS

  1. This is just Weinzapfel’s last ditch attempt to seal this deal for his friend Ben Kunkel before he leaves the mayor’s office.

    I am sure that Lloyd Winnecke is simply overjoyed by Weinzapfel’s actions.

    __

  2. Have we heard this before?
    —
    “On Monday, Mayor Jonathan Weinzapfel announced that a new arena will be constructed on land between Walnut and Main streets. The only structure to be preserved in those three blocks is the front half of the Executive Inn, containing about 250 of the hotel’s 470 rooms.

    That part will be renovated by Browning Investments Inc., an Indianapolis company which said in May 2008 that it would like to build a hotel adjacent to a new arena Downtown.

    Weinzapfel called the proposal a “transformative project.”

    “It truly will help improve the quality of life and help us plan for better future for our community,” he said.”…
    “On Monday, Weinzapfel said Browning Investments will buy the Downtown hotel from its current owner, Mutual Hospitality Management of the Chicago area. The city will then pay Browning for the part of the hotel which is to be demolished. That deal will carry a price of about $10 million, which also includes tax incentives local officials have offered Browning. The money will go in part to replacing the hotel’s facade.

    “You won’t recognize the fact that it’s the same facility,” said Dennis Dye, Browning executive vice president.”

    http://www.courierpress.com/news/2009…
    —–
    “EVANSVILLE — City officials are ready to sign an agreement with the local company Woodruff Hospitality for the construction of a new Downtown hotel, Mayor Jonathan Weinzapfel announced today.

    The proposal calls for the construction of a $32 million Hyatt Place hotel adjacent to the Evansville Arena and The Centre. The project will take between 18 months and 24 months to complete, and is to open in spring or summer 2012, according to Martin L. Woodruff, a partner in Woodruff Hospitality. As incentives, the developers will receive $3.5 million from money Casino Aztar pledged to give the city for a Downtown-development project when the riverboat in March renewed its agreement to lease land from the city. They will also get up to $4.5 million from loans made by the city, which are be to paid back from hotel profits or, if profits aren’t generated, money from the existing Downtown Tax Increment Finance district.

    Weinzapfel said the proposed hotel will be “a huge boost to our Downtown revitalization efforts.”

    http://www.courierpress.com/news/2010…
    ——
    “The new Executive Inn owners plan to pay off the hotel’s overdue taxes as soon as possible, while keeping it open to guests and conventions.

    That was the message several local leaders took away from their meeting with representatives of Mutual Hospitality Management on Friday. Last month, Mutual Hospitality announced it had taken over ownership of the Executive Inn.

    Tory Tornatta, a Vanderburgh County Commissioner, was one of the officials who attended the meetings on Friday. Representatives of Mutual Hospitality said they would keep the hotel open, adding that they would mull over their options before committing to any long-term plans.

    “There is a genuine interest to make sure they are a good corporate citizen,” Tornatta said. “That’s really all we can ask.”

    Mayor Jonathan Weinzapfel also was happy with the meeting.

    “They were here to investigate their options with the Executive, get their first look at the property,” he said in a release today.”

    http://www.courierpress.com/news/2009/feb/03/02web-ExecInn/

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