The state of Indiana has awarded $10.5 million in tax credits for the demolition of Evansville’s tallest building.
The Indiana Economic Development Corporation awarded the redevelopment tax credits for the project at 5th and Main Streets.
Domo Development plans to implode the 18-story former Old National Bank headquarters and replace it with a six-story commercial-residential complex.
The city is also seeking $7.8 million in tax credits for the Sycamore property at 4th & Sycamore Streets.
That property is part of the planned complex.
In a release from the city, Downtown Evansville Development Corporation Executive Director Candace Chapman said the IEDC would “not consider two applications for the same block” at the same time.
Mayor Lloyd Winnecke said the credits that have been awarded are an “important step in moving forward” with a vision for what he calls a “critical Main Street block.”
The total cost of the project, which also includes a small park, is estimated at $67 million.
