Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Franklin Lofts Tif topic
No spam. Unsubscribe anytime.
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 Franklin Street" attached to the Greenway and said the work represents about a $12,400,000 investment. Clark outlined site conditions and construction challenges, saying the building was built in stages starting in 1919 and will require mostly custom unit layouts. He confirmed the average unit size will be just over 700 square feet and the mix will include studios, one‑ and two‑bedrooms.
On affordability, Clark said, "Not for this project," when asked whether units would be set aside for low‑income housing; staff noted other more affordable developments are planned. Clark gave a studio rent range of roughly $1,000 to $1,100 and said the developer will cover water because of metering constraints while providing separate electric meters.
Clark said demolition work and removal of old steam piping are largely complete, that no asbestos has been found in the building, and that there are no lead water pipes within the structure based on their research. He confirmed the project will add a new passenger elevator and that, assuming approvals, construction would start in the first quarter of 2025 with leasing hoped to begin in July 2026.
Nick also flagged a technical correction to the map: the parcel is L‑shaped and only the portion fronting Franklin Street (the apartment portion) will be in the allocation area; office areas on the parcel will not be included. He said a development agreement has been circulated and that the area plan will be on the commission's December agenda, followed by submission to the Department of Local Government (DLGF) and review by city council.
An unidentified commissioner moved to approve resolution 24 ERC 36; the chair seconded, a roll call was taken and the motion passed on aye votes read during the roll call. Following the vote, the attorney and developer thanked the commission.
The commission's approval is a declaratory step creating the allocation area; the specific dollar benefit to the developer will be determined by final assessed value and the terms of the forthcoming development agreement. Further approvals at subsequent meetings and DLGF and city‑council steps are required before construction begins.
