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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 already paid $17,988.19 toward that obligation. The representative described an annual in‑lieu payment figure on the record as “2,417 and $17.23 cents” to be paid over 18 years beginning with tax year 2023 and ending with taxes due in 2040; the transcript contains an apparent transcription ambiguity in that per‑year amount (see clarifying details). The ERC previously considered the project and passed related resolution 24 ERC 32 on Oct. 1.
Council members asked no substantive policy questions during the floor discussion, and no public speakers rose to oppose the measure at the meeting. The deputy clerk recorded seven ayes and zero nays; the ordinance was declared adopted.
Why it matters: The PILOT reduces the project’s near‑term tax burden to make the tax‑credit development financially viable while repaying prior economic‑development costs. City staff said property taxes will return to the roll after the 18‑year term.
What’s next: The development will proceed under the adopted pilot agreement; the ordinance establishes the payment schedule and the return of taxes to the roll after the term expires.
Quotes
"It is a 62 unit low income housing tax credit affordable housing project," an on‑record speaker said while summarizing the development and the PILOT structure.
Provenance
Topic intro: SEG 205. Topic finish: SEG 244.
Speakers
Unidentified Speaker 8 — role/title: Unidentified speaker in the record who presented the project (first appears SEG 205). Councilwoman Allen — role/title: Council member (first appears SEG 022). Councilman Mosby — role/title: Council member (first appears SEG 013).
