Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Redevelopment Tif topic
No spam. Unsubscribe anytime.
Area Plan Commission approves Franklin Lofts allocation area for TIF support; project aims to convert 1919 building into 56 apartments
Summary
The commission voted 11–0 to approve APC resolution APC‑1‑2024, endorsing a Redevelopment Commission declaratory resolution to create a TIF allocation area that would support a 56‑unit rehabilitation at 1501 W. Franklin St.; project representatives said bonds will be purchased by the developer and estimated move‑in as early as August 2026.
The Area Plan Commission on Dec. 5 voted 11–0 to recommend approval of APC resolution APC‑1‑2024, which endorses the Evansville Redevelopment Commission’s declaratory resolution to establish a tax increment financing (TIF) allocation area to assist with the Franklin Lofts project in Jacobsville.
Adam Rice, a project representative, described the proposal to convert a 1919 industrial building at 1501 West Franklin Street into 56 residential loft units and said the developer hopes for possible move‑ins as early as August 2026. A project representative explained the financing plan: Franklin will purchase the TIF bonds, which transfers market risk to the project and supports bond financing for the rehab.
Commissioners asked whether the project would include commercial space; presenters said the portion proposed in the allocation area is residential only and the attached wing already hosts commercial offices renovated for Heritage Petroleum. Commissioners also asked about the bond term; staff and the developer said bond counsel recommended a 25‑year term but noted the bonds are being purchased by Franklin.
A motion to approve the APC resolution was made, seconded and carried on a roll‑call vote recorded as 11 yes, 0 no. The resolution moves forward to city and redevelopment processes; staff indicated the matter will next appear before city council and that TIF bond issuance would follow redevelopment commission steps.
