The Logansport Redevelopment Commission is considering appropriating money acquired through tax increment financing from the city’s Logan’s Landing TIF district fund to help pay for building demolitions downtown.
Logansport Building Commissioner Bill Drinkwine said more than $46,000 has been expended for three of the city’s latest demolitions at 313 E. Market St., 512 North St. and the most recent one at 208 N. Sixth St. at a Logansport Redevelopment Commission meeting Wednesday.
The east portion of the building at 208 N. Sixth St. was torn down in April after the northeast corner of the building collapsed two days earlier. As it is a shared structure with 210 and 214 N. Sixth Street, Drinkwine said whatever is done to 208 will ultimately affect the other two, adding that 210 is already listing to the north.
Drinkwine recently received a report from Indianapolis-based Silver Creek Engineering Inc. outlining three options the city could take to address the matter. One option suggests constructing shear walls to stabilize 208 and repairing the roof. Another calls for demolishing the third story of 208, converting its floor to a roof and constructing shear walls throughout the building to stabilize it. The third option offers completely demolishing 208 and stabilizing the adjoining buildings.
While the report doesn’t outline specific costs, Drinkwine said between $46,000 and $75,000 would be required to address the building going forward.
Bob Bishop, president of the commission, said because many demolitions occur downtown, perhaps funding accumulated solely by downtown like the Logan’s Landing TIF fund should be used toward demolitions there.
“Instead of using other taxpayer money, maybe we should use TIF money,” Bishop said.
Charlie Hastings, a member of the commission, supported the idea.
“It’s money for downtown,” he said. “Getting some of that will be revitalization.”
Gary Fox, a member of the commission, expressed his support, but said he had reservations as well.