Karges Lofts Project Financing
Summary
The old Karges Furniture Factory will become 125 apartments, with $6 million of the $30 million project financed through city-pledged tax increment bonds. The city isn't on the hook for the debt — the developer's own property taxes pay it back — but the financing tool exists to make a tough retrofit project pencil out. Units are described as workforce-level (roughly 50–80%+ of area median income), not deep-discount affordable or luxury.
At a glance
- Total mentions
- 3
- Last 30 days
- 0
Last discussed Jun 18, 2026.
Impact analysis
$6 million in revenue bonds backed by the project's own tax increment — no direct city debt obligation.
Residents gain 125 new apartments in a neighborhood that needs housing, plus reuse of a long-vacant industrial building.
Mentions & discussions (3)
Evansville Economic Development Commission - Jun 18, 2026
The old Karges Furniture Factory will become 125 apartments, with $6 million of the $30 million project financed through city-pledged tax increment bonds. The city isn't on the hook for the debt — the developer's own property taxes pay it back — but the financing tool exists to make a tough retrofit project pencil out. Units are described as workforce-level (roughly 50–80%+ of area median income), not deep-discount affordable or luxury.
City Council Meeting - Jun 8, 2026
The city was considering tax increment revenue bonds to fund the Karges Lofts project, with proceeds loaned to AP Development LLC and AP Karges Lofts LLC. A companion resolution would establish the Karges Lofts Economic Development Area. Discussion was set for June 22.
Area Plan Commission - Jan 8, 2026
The commission was asked to approve the Redevelopment Commission's declaratory resolution establishing the Karges Lofts economic development and allocation areas — a step typically tied to tax-increment financing for the project.
Related development
Karges Lofts Project
Adds 125 apartments to a neighborhood that needs housing and brings a long-empty factory back to life; rents are expected to sit at workforce levels rather than deep affordable or luxury.
Karges Lofts Economic Development Area / TIRF Bonds
West side residents gain a major housing redevelopment, and the council expects growth in the property tax base; bond specifics and rent rates will be discussed June 22.
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