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Redevelopment commission confirms Franklin Street Lofts allocation area, pledges 90% of TIF to developer bonds
Summary
The Evansville City Redevelopment Commission voted to confirm an allocation area for the Franklin Street Lofts project and approved a companion resolution pledging 90% of future tax increment to retire developer-purchased bonds; the commission also approved routine minutes and accounts payable vouchers.
The Evansville City Redevelopment Commission voted to confirm an allocation area for the Franklin Street Lofts project and approved a companion resolution pledging 90% of future tax increment revenues to pay bonds that will be purchased by the project developer, the commission said during a public hearing at the meeting.
The resolutions — numbered in the packet as Resolution 25 ERC-02 (confirmatory/declaratory) and Resolution 25 ERC-03 (TIF pledge) — complete the commission's local approvals after earlier action that created the allocation area. The measures clear the way for the developer to use tax increment financing (TIF) from a portion of a parcel in the Jacobsville redevelopment area to assist with project financing.
Nick Siriano, staff to the commission,…
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