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Council approves Franklin Lofts allocation area in Jacobsville redevelopment plan
Summary
The council adopted a resolution creating an allocation area within the Jacobsville Redevelopment Area for the Franklin Lofts project, clearing the way for a bond ordinance expected at the next meeting and describing a proposed multifamily development of up to 54 units.
The Evansville Common Council on Monday adopted Resolution C20 25-04, approving a declaratory resolution by the Redevelopment Commission to create an allocation area for the Franklin Lofts project within the Jacobsville Redevelopment Area.
Nick Siriano, outside counsel to the Redevelopment Commission, told the council the measure "sets the table for a bond ordinance" that will be brought back to the council at a subsequent meeting. He described the action as approving the creation of a new allocation area within the Jacobsville TIF to support the Franklin Lofts project.
A project representative identified as Colby said the planned development would be a multifamily project “up to 54 units” with a range of income levels. "It'll be a good project over there in the expanded or amended Jacobsville redevelopment area," Colby said.
The council moved, seconded and approved the resolution by roll call vote; the clerk announced the result as nine ayes, zero nays. Council discussion on the record was limited to the staff and outside-counsel summary; no bond ordinance or financing terms were presented at the meeting.
Council President Trotman and other members thanked the presenters and called for the next steps to be scheduled. The action creates the legal allocation area that authorizes Redevelopment Commission and plan commission steps needed to consider related bond and financing ordinances.
