Council approves Franklin Lofts allocation area; bond ordinance to be introduced next meeting

The Evansville Common Council on Jan. 13 adopted Resolution C-2025-04, approving a declaratory resolution by the City of Evansville Redevelopment Commission to create an allocation area for the Franklin Lofts project within the Jacobsville redevelopment area and amending the redevelopment plan for that area.

Why it matters: The action clears a procedural step that allows the city to use tax-increment financing (TIF) tools for the Franklin Lofts project; city counsel said a bond ordinance authorizing issuance of bonds will be presented to the council at its next meeting.

Nick Siriano, outside counsel to the Redevelopment Commission, told the council the resolution "sets the table for a bond ordinance that will come before, this body at the next meeting." An additional speaker identified as Colvin said the Franklin Lofts project is planned as a multifamily development of "up to 54 units, with a diverse range of income levels." The resolution passed on a roll call vote, 9-0.

The meeting packet included an ordinance on the consent agenda authorizing issuance of taxable economic development tax increment revenue bonds for the Franklin Lofts project and lending the proceeds to Franklin Street Lofts LLC (or an affiliate). Council approved that ordinance as part of the consent agenda earlier in the meeting.

Council members asked no substantive questions during the floor discussion other than procedural clarifications; outside counsel and a project representative were present at the meeting for questions. No bond ordinance was adopted at the Jan. 13 meeting; the council will consider the bond ordinance at a future meeting.