Organization: French Lick Redevelopment CDE LLC

Award: French Lick Redevelopment CDE LLC received a $35 million allocation in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.

Background:

• Mission: French Lick Redevelopment CDE is committed to revitalizing the historic French Lick area by attracting investments that spur economic development and create jobs. The focus is on leveraging the region’s rich historical and cultural heritage to boost tourism and local business growth.
• Previous Investments: The French Lick area has a history of significant redevelopment projects, including the restoration of the West Baden Springs Hotel and French Lick Resort, which have been pivotal in revitalizing the local economy.

Impact:

• Job Creation: The NMTC allocation will facilitate the creation of new jobs in the French Lick area, particularly in the tourism, hospitality, and service sectors.
• Tourism and Local Economy: Investments will enhance the infrastructure and services in the area, attracting more tourists and supporting local businesses.

Project Focus:

1. Restoration and Development Projects: The $35 million NMTC allocation will be used for various restoration and development projects, including the enhancement of historic sites and the construction of new facilities that support tourism and community activities.
2. Community Facilities: Investments will also be directed towards the development of community facilities, such as cultural centers, parks, and recreational areas, which will benefit residents and visitors alike.
3. Sustainable Development: Projects will incorporate sustainable practices to ensure long-term environmental benefits, aligning with broader goals of conservation and responsible development.

Quotes from Officials:

• Local Leadership: Community leaders have expressed optimism that the NMTC allocation will significantly boost economic activity in the region, leveraging French Lick’s historical charm to create a thriving, sustainable economy.

Significance: The NMTC allocation allows French Lick Redevelopment CDE to attract private investment to critical projects that might not otherwise receive funding. These investments are crucial for revitalizing economically distressed areas and improving the quality of life for residents in Paoli, IN, and the surrounding region.