After a decade of dereliction and failed to close sales, the turnstiles of idiotically chosen commercial developers, 100’s of thousands of dollars wasted on ‘studies’, the City of Evansville brought in a developer who, at the City’s blessing (The City of Evansville Received $10.5 million in tax credits to implode a tower not worth $5m), ……IMPLODED 420 Main. St.
Given the track record of the city picking developers , we at It’s Evansville were skeptical of the developer from the get go. They all failed to turn a shovel over the last decade.
Which brings us to today. The developer Domo Development, who worked with the city to secure $18.5million in state tax credits for the RE-development of 420 main, has backed out of the initial plan the city sold to the public, citing “inflation, increased costs”… The human-centipede of miss-management, inept vetting of developers continues……
Why? Nearly a year later, the site remains a pile of rubble, and the Mayor is calling it quits and not running for re-election. Coincidence? WE think not.
What will 2023 bring in the wake of the news of a non incumbent mayor? WE hope it is not a member of the same group of morons who have been incestuously running the city of Evansville into the ground since mayor McDonald left office 20 years ago. Mr. McDonald II was the last Mayor/admin who actually did something for the city, e.g. bring the Casino. Yes, today the casino has changed hands numerous times, and the entertainment property by Mulzer stands abandoned. And the the foot traffic we all hoped the casino would bring downtown, is non existent, BUT Riverboat is gone, and the LST is in its place (great play there).
…..But, despite the eyesore of a closed RiRa’s, and a half open Le Mergot, the and the rundown seedy Bally’s hotel(read the reviews), the recurring tax revenue the casino brings in is desperately needed (2022 tax receipts is at record highs).*Evansville receives $12-20mil a year in tax revenue from the casino)…
If not for the casino’s recurring yearly tax revenue, the city would no doubt have difficulties covering the debt service on the municipal bond coupon payments for the Ford center, Library, Medical School, Sewer projects etc. Which means, if NOT for the Casino, the City of Evansville would be in a fiscal crisis. One can thank ex-Mayor McDonald II for the fiscal reserve the city used to fall back on during 20 year of mismanagement.
The city of Evansville has been run by many inept, malingering officials for the greater part of the last 25 years. The leadership has saddled the city and county taxpayer with over $200 million in municipal bonds on projects which see little to no use. Yet what downtown really needs, affordable housing, is still a mirage.
Who knew it would only take $20+ Million in tax credits, and $200 million in bonds to lure a cookie shop to Main St?