Bond bank approves amended ERAP services agreement to fund feasibility study for historic property

The Evansville Local Public Improvement Bond Bank approved an amended service agreement with the Evansville Regional Economic Partnership (ERAP) to execute a feasibility study for restoring a long‑vacant historic property in the city.

An ERAP official who identified themself as the organization's chief economic development officer told the board ERAP will engage an architect and a specialty financial consulting firm with hotel experience. "These are expected to not exceed $50,000 in their costs," the ERAP representative said. The feasibility work will evaluate whether restoration to active use is financially feasible and whether the city could assist the project.

Board members asked what changed in the amendment. One member asked whether compensation in the agreement had increased; the presenter said the compensation line moved from the prior stated amount to $425,000. "Yes. Any other lines or items changed? There were no other lines or items changed. No. It was only in the compensation," a board member said when summarizing the amendment.

The ERAP representative disclosed a potential conflict of interest: they said they are ERAP's chief economic development officer but that they would receive no personal financial benefit from the amended agreement. "I need to mention that I'm the chief economic development officer of the Evansville Regional Economic Partnership. However, I received no financial benefit through our, through this amended agreement," the representative said.

A board member moved to accept the amendment and a second was recorded. The board approved the amended service agreement by voice vote.

Board members noted a minor typographical conversion error in the rights section of the PDF; staff said the error did not change material terms.