Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Redevelopment commission approves TIF allocation area for Franklin Lofts project
Summary
The Evansville Redevelopment Commission voted to create a tax‑increment financing allocation area for the Franklin Lofts redevelopment, supporting a proposed 56‑unit conversion of a historic Franklin Street building and signaling next steps for a development agreement and area plan.
The Evansville Redevelopment Commission approved a declaratory resolution to create a tax‑increment financing (TIF) allocation area for the Franklin Lofts project after a developer presentation and staff briefing.
Nick, the commission attorney, told commissioners the developer requested creation of a new TIF area for the Franklin Street property and asked the commission to pledge 90% of the TIF generated solely from that parcel. "It's really like getting an abatement, over the 25 year period of the TIF," he said, adding that preliminary schedules estimate about $1,300,000 in TIF benefit tied to this parcel over 25 years.
Developer John Clark described the project as "a 56 unit apartment complex directly on…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
