The Redevelopment Commission originally agreed to borrow $37.5 million to fund hotel construction. Private investors chipped in to save the deal and lower the public funding.
"I just think it's wonderful," said City Attorney Ted Ziemer. "This all enables the fact that we are going to have a new convention hotel in Evansville. Everyone's worked very hard for that, and I'm really pleased to see it's going to happen."
The new agreement passed the Redevelopment Commission unanimously. Last night, the city council unanimously approved the deal. Groundbreaking is expected in January.