Evansville would use an existing tax increment district to finance a $127 million downtown arena under a plan pitched by Mayor Jonathon Weinzapfel in his state-of-the-city address last week.

Weinzapfel said construction of a new tax-exempt bond-financed arena would be the city’s own stimulus package, in light of Evansville’s weak economy and relatively high unemployment rate. By locating the arena downtown in an already-existing tax increment financing district, the city would not have to raise taxes to pay for the project, he said.

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