Park 41 Receives Industrial Recovery Site Designation

Contact: Abby Elpers FOR IMMEDIATE RELEASE
Marketing Communications Manager May 24, 2012
Growth Alliance for Greater Evansville (GAGE)
Ph: (812) 401‐4243
Email: abby@evansvillegage.com

Park 41 Receives Industrial Recovery Site Designation

EVANSVILLE, IN (May 24, 2012) –In September of 2011 the Growth Alliance for Greater Evansville began working with the Indiana Economic Development Corporation (IEDC) to earn Industrial Recovery Site designation for Park 41, located at 5401 Highway 41 North. On May 16, 2012, the IEDC designated Park 41 as an Industrial Recovery Site; also known as a Dinosaur Building.

What does this mean for Park 41? Industrial Recovery Site designation at Park 41 allows qualifying companies that locate at Park 41 the opportunity to receive Industrial Recovery Tax Credits of up to 25 percent against the cost of remodeling, repair or betterment of the building. For example: if the qualifying building improvements cost $1 million, the company could be eligible for up to $250,000 in tax credits.

To be designated as an Industrial Recovery Site, a building must meet several parameters. The building or complex of buildings must have been in service for at least 15 years, with at least 50,000 interior square feet and must have been at least 75 percent vacant for one year or more. The longer the building has been in service, the higher the applicable percentage of the credit which is between 15percent and 25percent.

The Industrial Recovery Site application was filed by the Growth Alliance for Greater Evansville on behalf of Mayor Lloyd Winnecke, the City of Evansville and Park 41. Companies locating in Park 41 that wish to seek the Industrial Recovery Tax Credits associated with the site designation must submit specific plans for rehabilitation to the IEDC for approval.

Under Indiana Code, Evansville City Council members passed a resolution in support of the Industrial Recovery Site designation for Park 41 to encourage redevelopment of a vacant underutilized building, create jobs, payroll, property taxes and utility revenue.

“I want to thank the Indiana Economic Development Corporation for designating Park 41 as an Industrial Recovery Site and the Growth Alliance for Greater Evansville for its work on presenting a case to the IEDC explaining why the former Whirlpool plant should receive Dinosaur Building status,” Mayor Winnecke said. “The designation is another important tool the Growth Alliance can use as an incentive to market Park 41 to companies that want to expand or relocate their business in Evansville.”

Since 2006 the IEDC has designated only four other Indiana facilities for the credits, none being in Evansville/Vanderburgh County. The Growth Alliance for Greater Evansville has submitted two more applications for facilities that could qualify for Industrial Recovery Tax Credits.

“Certifying sites, such as Park 41, provides Evansville with a competitive advantage to successfully land significant projects and confirms the readiness of our community to create new jobs and attract capital investment,” said Debbie Dewey, President of the Growth Alliance for Greater Evansville.

The Kunkel Group purchased Park 41, the former Whirlpool facility, in April of 2011 with plans to convert the 1.5 million square foot building into a multi-tenant facility. The facility is currently occupied by nine tenants.