Karges Lofts TIF bond financing
Summary
The city is lending about $6 million in TIF-backed bonds to redevelop the old Karges furniture factory into 122 market-rate apartments. If the project's tax revenue falls short, the developer — not the city — covers the gap. Rents will run roughly $900 to $1,500 and it's not designated affordable housing.
At a glance
- Total mentions
- 4
- Last 30 days
- 0
Last discussed Jun 22, 2026.
Impact analysis
About a $30 million private investment; city faces no repayment risk if TIF revenue falls short.
Renters seeking market-rate housing and the downtown area get a redeveloped landmark building.
Mentions & discussions (4)
City Council Meeting - Jun 22, 2026
The city is lending about $6 million in TIF-backed bonds to redevelop the old Karges furniture factory into 122 market-rate apartments. If the project's tax revenue falls short, the developer — not the city — covers the gap. Rents will run roughly $900 to $1,500 and it's not designated affordable housing.
Evansville Economic Development Commission - Jun 18, 2026
The commission was scheduled to hold a public hearing on using taxable economic development tax increment revenue bonds to help finance the Karges Lofts project by AP Development LLC and AP Karges Lofts LLC. This kind of financing can make a private redevelopment project possible, and the public hearing was the community's chance to comment on it.
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.
Vanderburgh County Redevelopment Commission - May 13, 2026
New state law (SEA 1) gives phased-in deductions to apartments and agricultural land through 2030, which could shave TIF revenues — worst case about $765,000 less in the Burkhardt Road district. But all five TIF districts remain financially healthy and can meet their obligations.
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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