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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 John Tibollo described the project as an approximately $11,000,000 scope and said the funds would help pay for alley vacation work, underground utility work including relocation of Duke Energy poles and new water lines, and other infrastructure. “Our project scope is about $11,000,000 and I have requested a forgivable loan for $250,000 for infrastructure improvements,” Tibollo said.
City staff told the council the loan would be provided from TIF funds and that economic development commission approval remained a step in the process; the council heard that the economic development commission had already reviewed the project. Council members said the project would return owner-occupied homes to a corner of the Centennial neighborhood and noted prior infill work by the developer in the area.
On the alley vacation, staff noted the developer owns the lots on both sides of the alley and the ordinance vacates the alley stretch south of Union between Fourth and Fifth streets while preserving the very southern portion that serves 815 North Fourth Street so that property retains access to its parking and garage. The council set a public hearing for the vacation as part of the ordinance process and voted to advance the ordinance.
Discussion: council members asked procedural and neighborhood-impact questions; the mayor and supporters described the project as owner-occupied infill that would rehabilitate a deteriorated corner. No conditions or amendments were recorded in the meeting minutes included with the transcript.
Outcome: The council moved and approved the ordinances to advance the forgivable-loan authorization and to vacate the alley; the transcript records the council advancing and approving the measures during the meeting.
Next steps: the developer will draw the loan in the three installments set in the ordinance and must complete the additional approvals noted (including economic development commission actions) before final release of funds and full project build-out.
