ELWOOD — The Elwood Community Development Corp. is hoping to pump new life into an existing building in the downtown area.
The Elwood City Council voted Monday to approve a tax abatement for the former Huntington Bank building at the intersection of Anderson Street and Ind. 28.
Attorney Mike Farrer said it’s an opportunity for the ECDC to acquire a building that has been vacant for 15 years.
Farrer said the ECDC is planning to purchase the building at a cost of $450,000.
He said the estimated repair costs for the building would amount to $300,000.
Farrer said once purchased, the building could be sold by the ECDC for the amount invested and a 12-year tax abatement would be transferred to the new owner.
He said the Elwood City Council would have to vote to approve the tax abatement for a future owner which would include the cost and the number of employees.
“There have been discussions with a potential buyer,” Farrer said. “A lot of people have looked at the building.
“Right now, it’s an eyesore,” he said. “If we can get a buyer, it would change the downtown. It sits at the corner of two main streets in Elwood.”
Farrer said the preapproved tax abatement would be an enticement for a possible sale of the building.
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