Last Updated on August 23, 2017 by cassnetwork
The Logansport Redevelopment Commission Wednesday voted to allocate $160,000 in Tax Increment Financing and grant a five-year abatement for market rate housing in downtown Logansport.
The move caps efforts by the city administration to repurpose the historic Logan Square office building at Third Street and East Broadway. Built in 1925 by Logansport contractor James I. Barnes, it housed the Captain Logan Hotel and the Logan Theater for many years. It has been known as the Logan Square Office Building since the 1980s. The building, which was sold in June, has been vacant for the past two years.
Plans call for the creation of 40 market rate units and a first floor space for a convenience store and service sector offices.
“This is a great day for Logansport for those who have waited for market rate housing, for those who support downtown revitalization and those who support historic preservation,’ Mayor Dave Kitchell said.”This project not only will enhance the value of one of the largest buildings in downtown Logansport, it will generate more tax revenue and serve as a catalyst for growth downtown.”
The mayor said the investment by a Lafayette firm sends a signal that investment in Logansport is a sign of confidence people outside the community have in the city and its “upside” potential for new development.
Bill Cuppy, president of the local economic development organization, said he will request some incentives from the Logansport City Council. Combined with the TIF funding, Cuppy wants the total Logansport support for the investment to equal 10 percent of the project.
SOURCE: News release from Logansport Mayor Dave Kitchell