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Evansville council adopts PILOT for 62‑unit Central Lofts affordable housing project
Summary
The common council approved a payment‑in‑lieu‑of‑taxes (PILOT) agreement for Central Lofts, a 62‑unit low‑income housing tax credit development at 203 NW Fifth St.; the agreement repays $61,500 in prior economic‑development expenses and schedules smaller annual in‑lieu payments for 18 years, per staff.
Evansville’s common council on Oct. 14 adopted an ordinance authorizing a pilot agreement for Central Lofts, a 62‑unit affordable housing project at 203 Northwest Fifth Street, the site of the former YMCA. The council approved the measure on second reading after a presentation by a project representative describing the financial terms and history.
The representative told the council the owner agreed to repay $61,500 to cover expenses the city incurred while negotiating an earlier incentive package. Staff noted the owner…
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