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Council approves TIF bonds and narrows tax phase for Franklin Street Lofts project
Summary
Evansville Common Council adopted an ordinance allowing taxable economic-development TIF bonds for the Franklin Lofts project and approved a resolution amending an 8-year tax phase to exclude the apartment units, a move that officials said does not create a city obligation.
The Evansville Common Council on Jan. 27 approved an ordinance authorizing issuance of taxable economic development tax-increment revenue bonds for the Franklin Lofts project and adopted a resolution narrowing an existing 8-year tax phase for Heritage Petroleum27s rehab to apply only to office space.
The council voted 9-0 to adopt Ordinance G 20 25-02, which authorizes the city to issue bonds and lend proceeds to Franklin Street Lofts LLC (or an affiliate) for a 54-unit rehabilitation project downtown. The council also voted 9-0 to adopt Resolution C 20 25-01, which amends the declaration of the economic revitalization area at 306 N. Seventh Ave. to limit the tax phase to…
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