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Council approves TIF bonds and amends tax phase-in for Franklin Street Lofts project
Summary
The Evansville Common Council adopted an ordinance to allow issuance of taxable economic development TIF bonds for the Franklin Lofts project and approved an amended economic revitalization area declaration limiting an 8-year tax abatement to office space while apartments will use TIF financing.
The Evansville Common Council on Jan. 27 voted to allow issuance of taxable economic-development tax increment revenue bonds to support the Franklin Lofts project and approved a related amendment to an economic revitalization area for the same property.
The action authorizes the City to create a TIF allocation area for the Franklin Lofts project and issue taxable TIF bonds whose repayment the developer, not the city, will shoulder. The council also adopted an amended economic revitalization area declaration that narrows an eight-year tax phase-in to Unit 1 (office space) and directs Unit 2 (the apartments) to use TIF financing…
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