Updated: Friday, 01 Mar 2013, 6:44 AM EST
Published : Thursday, 28 Feb 2013, 10:39 PM EST
VINCENNES, IND. (WTHI) - A project to put some huge vacant school properties back into use gets funding approval.
The Indiana Housing and Community Development Authority has approved more than $1-million in affordable housing tax credits to Myszak and Palmer of Vincennes.
The company will use those credits on a $9-million project called Clark's Crossing to put new life into some empty buildings.
A trio of empty old school buildings in downtown Vincennes are now on the way to some big changes.
With tax credits now in place, plans for Clark's Crossing have the green light.
"We're just very elated and excited about this project," said developer Andy Myszak. "It will take 2 buildings in the downtown area that's sitting vacant since the construction of the middle school and turn them into usable properties."
Those plans include converting the former administration building into 47 affordable housing units, bringing down the old Clark Middle School and turning the property into a park and parking lot, and funding to put the glory back into Adams Coliseum.
"I think we can make it and return it to being a crown jewel," said Vincennes School Superintendent Greg Parsley. "It certainly is a win for our community in Vincennes."
The project is going to mean a lot of things for a lot of people.
It includes $1.7-million to renovate Adams Coliseum, another $100,000 to the school system in cash, plus they're going to get rid of the ongoing cost of maintaining these buildings.
"It will help the downtown area," added Myszak. "We'll have approximately 100 more people living in the downtown area, so businesses and services there will be a need. The property owners will have increased property values around the area."
Plus, the majority of the property will wind up back on the tax rolls putting money back into the city and school system.
Work is expected to start in December and be finished one year after that.
Opinions that are derogatory, attack other users or are offensive in nature may be removed. WTHI is not responsible for the content posted in this comment section. We reserve the right to remove any offensive or off-topic remark or thread. To mark a comment for review by a moderator, click "Report Abuse."