Main Street Renovations
Buildings near the Daviess County Courthouse owned by county government are in
need of major restoration-rehabilitation. Sensitive to historic preservation and
with an interest in improving downtown vitality and appearance, County Judge-Executive
Reid Haire appointed a task force to examine the options and make recommendations.
Capacity: 23,760 leasable square feet
Cost Estimate: $3.5 million
Potential Uses: government offices, private offices, retail, or housing
Financing Options:
Debt Service: $270,000 per year ($3.5 million @ 4.6% over 20 years)*
Break Even Rent: $11.37 per square foot (would not recover property cost)
Economic Impact: construction jobs, recurring tenant jobs, payroll, contributes to appeal of historic district
Taxes generated: property tax (if sold to private owner), sales
tax, payroll tax
*current rates and terms for municipal borrowing
Advantages:
Disadvantages: