Credit Line Urged for Arena; $41 Million Should Do, Attorney Says
An attorney involved with planning for construction of Evansville's new Downtown arena has recommended the city secure a $41 million line of credit to start the project. Bryan J. Collins, an attorney with the Indianapolis firm Bingham McHale, recommended the city obtain the line of credit to pay architects, builders and anyone else involved in the initial work needed for the arena. Collins, who discussed planning Tuesday with members of the Evansville Redevelopment Commission, said he hopes to have the financing documents ready for the commission to consider when it meets Aug. 4. If approved by the commission, the plan would go to the City Council and likely be put to a vote on Aug. 10. Collins said he doubts the city would draw down the full amount of its line of credit.