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Council gives consent for redevelopment authority to pursue bonds for new public safety center
Summary
City council voted to approve a resolution consenting to leases and bond issuance that would fund a combined police and fire public safety center, while councilors and staff discussed project costs, TIF backing and contingency steps if bids exceed budget.
The West Lafayette City Council on first and only reading approved Resolution 1 20 25, giving the city—s fiscal-body consent for the Redevelopment Authority (RDA) and Redevelopment Commission (RDC) to enter leases and pursue bonds to fund a new combined public safety center. The vote was 9-0.
The resolution provides statutory consent so the RDA may issue bonds (not to exceed $61,000,000 in principal) and receive the proceeds to construct the project and lease it to the RDC. Bond counsel and city finance advisers told the council the anticipated par amount is roughly $58,500,000, that bonds would be amortized over 14 years with a maximum interest rate not to exceed 5 percent, and that the largest annual lease rental could be up to $7,500,000 in peak years. The RDC intends to use Tax Increment Financing (TIF) revenues from the Lehi Village and Landmark allocation areas to pay lease rentals,…
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