Members of the Evansville Redevelopment Commission (ERC) voted today to adopt a resolution approving a project development agreement with developer HCW of Branson, MO, for the Downtown Convention Hotel Project. The vote took place at a special ERC meeting.
Evansville Mayor Lloyd Winnecke said he is very pleased with the ERC’s action. He called today’s vote “a critical step†that clears the way for an ordinance approving funding for the project to be presented at the Evansville City Council meeting for first reading Monday, August 12, at 5:30 p.m.
The total cost of the project is $74 Million. The City would contribute $20 million toward the hotel and $17.5 million toward ancillary components, such as Sky bridges, Parking Garage, Retail Building, infrastructure and streetscape improvements and renovations to The Centre. Mayor Winnecke said he is confident the County will be contributing to the project.
The project is projected to create 831 jobs during construction and 235 permanent onsite jobs when the hotel and retail complex opens. The public investment will not impact property taxes and instead will be paid for using a combination of revenues from the Downtown TIF, Food and Beverage Tax, Innkeepers Tax and Riverboat Gaming. HCW will not receive tax abatement.
A series of public meetings have been scheduled throughout the city at various times and days to give the community an opportunity to hear details of the Downtown Hotel Project and ask questions. Mayor Winnecke plans to seek final approval of the deal at the September 9 City Council meeting and break ground on the project by late 2013.
