We introduce a class of pairs of operators defining a linear homogeneous degenerate evolution fractional differential equation in a Banach space. Reflexive Banach spaces are represented as the direct sums of the phase space of the equation and the kernel of the operator at the fractional derivative. In a sector of the complex plane containing the positive half-axis, we construct an analytic family of resolving operators that degenerate only on the kernel. The results are used in the study of the solvability of initial-boundary value problems for partial differential equations containing fractional time-derivatives and polynomials in the Laplace operator with respect to the spatial variable.