The Evansville City Council has postponed a final vote on a more than $70 million downtown hotel proposal. The move comes after Mayor Lloyd Winnecke announced a new plan in which the city's share would be reduced to around $20 million. Our partners at Eyewitness News report members of the private sector, including Old National Bancorp. (Nasdaq: ONB), have pledged to kick in nearly $12 million. A vote could is scheduled for next week.
Winnecke also confirmed provisions for a retail section in the project have been removed, saving around $5 million.
Missouri-based HCW, the hotel's developer, has also agreed to take $1 million less in city subsidies.
The total cost of the project is now estimated at $71.3 million.
Source: Eyewitness News WEHT/WTVW