It’s a financial step forward for a new convention hotel in Downtown Evansville.
Mayor Lloyd Winnecke’s office says Standard and Poor’s has re-affirmed the city’s “A” rating for economic development revenue bonds to finance the hotel.
The action will allow the city to begin issuing bonds in the next few weeks.
In a news release, Winnecke says construction could begin as soon as late this month or early December. He says, barring major weather delays, the hotel should open for business by summer 2016.
City Controller Russ Lloyd Jr. says Standard and Poor’s was required to re-examine city finances because bonds for the hotel and parking garage were not issued within six months of a previous bond rating report.
The $71.3 million project includes a $20 million bond approved by the City Council last year.
The Hilton DoubleTree will include 258 rooms, an apartment tower, and a skywalk connecting the hotel to the Ford Center and Old National Events Plaza.