A more than $70 million convention hotel project in Evansville appears to have the support of the city council. An updated proposal by Mayor Lloyd Winnecke, which reduces the city's investment, is expected to receive unanimous approval Monday. Council Finance Chair John Friend tells our partners at Eyewitness News the addition of private investors tipped the scales. He says the private support, additional county funding and removal of the original proposal's retail component brings the subsidy from the city down to around $7.5 million, which is a “game changer.”
Earlier this week, the Vanderburgh County Council approved a measure to kick in $1.5 million toward the project and Missouri-based developer HCW also agreed to decrease the city's burden by $1 million.
City council was poised to vote down the proposal Monday before Winnecke announced the new funding.
Friend says including Old National Bancorp. (Nasdaq: ONB) Chief Executive Officer Bob Jones has been instrumental in saving the deal by rounding up investors.
Source: Eyewitness News WEHT/WTVW