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Council considers bonds to support 189-unit mixed-income senior housing; bond to be repaid with project TIF
Summary
Council heard a proposal to issue residential infrastructure bonds (roughly $2.25 million) for a 55+ mixed-income development; bond payments would be repaid from the project's TIF and a taxpayer agreement requires developer coverage if TIF falls short.
The Lafayette Common Council heard a first‑reading ordinance authorizing the issuance of economic development revenue bonds to support the Vita Lifestyle senior residential project on State Road 38. City officials described the project as a 55‑and‑older development totaling 189 units with a mix of market‑rate units and units targeted at 40%–80% area…
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