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Council approves TIF forgivable loan and alley vacation to clear way for 36-unit Centennial townhomes
Summary
The Lafayette Common Council approved a $250,000 TIF-funded forgivable loan and an alley vacation to support a 36-unit, owner-occupied townhome development in the Centennial Edge neighborhood; the loan will be drawn in three installments and the alley vacation preserves rear access for an adjacent property.
Lafayette City Council on first reading authorized a $250,000 tax-increment-financing (TIF) forgivable loan to help pay infrastructure costs for a planned 36-unit owner-occupied townhome development on the former “pub site” between Fourth and Fifth streets, and separately approved an ordinance to vacate a portion of the alley south of Union Street between Fourth and Fifth streets to facilitate construction.
The city’s ordinance authorizing the forgivable loan allows the developer to draw the $250,000 in three installments: at purchase and property clearing, when construction reaches 50% complete, and upon issuance of the certificate of occupancy. Developer…
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