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Evansville Redevelopment Commission approves $500,000 Jacobsville TIF appropriation, economic-development deal for Franklin Street Lofts
Summary
At its Dec. 3 meeting the Evansville Redevelopment Commission approved Resolution 24 ERC 39, authorizing a $500,000 Jacobsville TIF appropriation; adopted Resolution 24 ERC 40 approving an economic development agreement with Franklin Street Lofts LLC (address set to 1501 W. Franklin St.); and approved Resolution 24 ERC 41 to authorize up to $50,000 for appraisal services contracts.
The Evansville Redevelopment Commission on Dec. 3 approved three year-end actions related to downtown redevelopment, voting to increase Jacobsville TIF appropriations, approve an economic-development agreement for a Franklin Street project and authorize appraisal-service contracts.
The commission voted to adopt Resolution 24 ERC 39, authorizing an additional appropriation of $500,000 from Jacobsville tax-increment finance (TIF) funds to cover possible year-end needs. "This is we're just doing kind of a, cover your bases at the end of the year, appropriating some funds out of Jacobsville TIF in case there's anything that comes up that we might need to spend funds on," Lana (staff) said during the public hearing overview. Commissioners recorded aye votes and the measure passed.
The commission then took up Resolution 24 ERC 40, to approve an economic development agreement with Franklin Street Lofts LLC for a parcel that staff clarified sits on two streets. The commission directed the resolution to use the address 1501 West Franklin Street (replacing 306 North Seventh) to avoid confusion. Zahnik Khan, speaking on behalf of Franklin Street Lofts LLC, told the commission the developer had incorporated changes discussed at prior hearings and was "agreeable to those changes." Khan said prior testimony was incorporated into the record and that the project would proceed through plan commission and city council review.
Commission members asked about assignment language in the agreement and whether the contract allowed a full sale of the developer's interest and transfer of obligations. Counsel/staff explained that assignments would be allowed with the commission's consent and that consent "won't be unreasonably withheld," and noted prior practice that purchasers have been vetted to ensure responsible ownership. The applicant's representative clarified the project is intended as rental apartments, not condominiums, and described the higher cost of historic rehabilitation as a rationale for incentives.
The commission approved Resolution 24 ERC 40 by voice vote. After the vote the presiding officer congratulated the developers and said the commission would move toward issuing bonds to support the project.
Finally, the commission approved Resolution 24 ERC 41, authorizing staff to enter into appraisal-service agreements through 2025 with a total authorization of up to $50,000 for two appraisers. Lana said typical per-appraisal costs range from about $300 to $1,000 for residential properties and roughly $3,000 to $10,000 for commercial properties, and noted the requirement to obtain an average of two appraisals when the agency buys or sells property. The resolution passed by voice vote.
Procedural items completed earlier in the meeting included approval of the Nov. 19 meeting minutes and the accounts payable register.
The commission adjourned with no further business scheduled.
