- 401 Frederica Street, B-203
- Owensboro, Kentucky 42301
- (270) 685-2652 | FAX (270) 685-6074
Big Dreams, Big Decisions :
A citizen guide to prioritizing proposed community projects
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:
- Kentucky Renaissance Funds
- Federal Tax Credits (Historic District)
- Enterprise Zone
- Government Bonds
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:
- Long-needed facelift of historic buildings
- Will improve downtown appearance and vitality
- Could attract new downtown businesses and residents
- Could get the property back on the tax rolls
- May generate other improvements
Disadvantages:
- Construction/financing cost
- Limited parking
- Risk (to sell, lease)