INVin has lofty goal for downtown; gets UEA support for next three years

Yochum wants, with the city council's blessing, to designate $50,000 per year in Economic Development Income Tax dollars to fund a grant program, and he wants the UEA's help in determining who would be eligible.

UEA members agreed to designate a 5-member committee that would hear requests and award either $10,000, $7,500 or $5,000 grants to applicants willing to invest in downtown buildings.

INVin has been working for months to reinstate the loft program, which originated in 2007 with the UEA.

Former mayor Terry Mooney agreed, during his administration, to set aside $50,000 in EDIT dollars for three years based on a model put together by a Leadership Knox County class, all in an effort to encourage historic building owners or developers to renovate unused living spaces on the building's second and third floors into quality living areas.

But just as the program was gaining momentum, the program fizzled out, falling victim to a new administration and a struggling economy.

INVin a month ago sponsored a downtown loft tour during which about 75 interested investors and property owners toured five totally renovated residential lofts, including one owned by Dan Osborne and Chris Hertel and another owned by Tony and Natalie Burkhart.

Harper said she has since heard from five property owners interested in renovating their own spaces, and she believes these grants would go a long way toward providing the incentive needed to get them moving.

“This would really be a great start for some of these folks,” Harper said.

Jim Zeigler, UEA president and a member of INVin's board of directors, said he was “most impressed” during the loft tour, and he encouraged the UEA to throw its support behind the program.

“It's hard to believe all those [lofts] are already here, and a lot of people don't even know about them,” he said. “Each one was totally different but totally beautiful, too. They're really something.”

Yochum, too, said the mini grants could go far in helping property owners keep up their buildings. And perhaps if more of that was done, the mayor pointed out, the city wouldn't be stuck footing the bill to tear historic properties down, as is the case with 401 Main St.

“I couldn't agree more,” said UEA member Aaron Bauer, whose own jewelry shop is located just across Main Street.

The UEA also voted unanimously to give to INVin $100,000 over the next three years to help the organization in its efforts to see Main Street developed. Among its plans, Harper said they hope to make some repairs to the New Moon Theater at Sixth and Main streets and proceed with tearing down the old Creative Designs building across the street to make way for public parking.

The organization also owns the historic Pantheon Theatre as well.

Harper said INVin has been in talks with the owners of a microbrewery and pizzeria in Columbus who are looking to expand, possibly to Vincennes. They have looked at the New Moon Theater, she said, and are interested in buying it, but INVin wants to first do more work to the property — it already has a new roof — and move ahead with the parking lot across the street.

“It's time to move and get that property ready,” Harper said, “so we can go back to those folks and say, 'Here it is. We're ready. What's it going to take to get you to come to Vincennes?'”

Harper said the organization recently started a fundraising campaign to keep its efforts moving forward, and has a private donor willing to give $100,000 — but only if INVin collects $300,000.

UEA's donation gives the group $100,000, and Harper told UEA members she plans to go before members of the Redevelopment Commission next week to ask for the rest.

“These are the kinds of tangible things that a community gets behind,” she said. “While we already have a great Main Street, we can have a better Main Street.”

She said she hopes to have the county's inmate workforce begin working soon on cleaning out the inside of the New Moon Theater, and she is also looking to get the marquee working again.

“Things are going to start happening,” she said, “but we really need that capital to be able to do all the things we want to do.”

Bauer encouraged his fellow members to consider making the donation, which would entail $50,000 this year and $25,000 each of the next two years.

“An initiative like this for a community of this size, I can't believe is very common,” he said. “So we need to take advantage.”

Bernie Niehaus, too, wanted to support INVin, especially since the UEA has about $140,000 sitting in the bank with another $110,000 expected next year.

“In all the years I've been involved with the city, I've never seen anything so exciting happening about downtown,” he said. “I think we should go along with it. That money isn't doing us any good just sitting there.”