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Council approves $2.25 million TIF bond support for Vita Lifestyle 55+ housing project
Summary
The council authorized a $2.25 million TIF-backed bond to support a $45 million active-adult housing development for residents 55 and older; council took the measure on second and final reading with no public comment.
The Lafayette Common Council on June 1 approved an ordinance authorizing taxable economic development revenue bonds of $2,250,000 to support the Vita Lifestyle residential housing project, an active-adult community for residents 55 and older.
Dennis Carlson, Economic Development Director, told the council the project is a $45,000,000 development and described it as an "active adult community of ages 55 and older." Carlson told the council the city plans to support the project with a $2,250,000 TIF bond.
Councillors moved the ordinance on second and final reading; the council recorded a unanimous 7-0 vote to approve the bond authorization. No public comment was offered during the hearing.
Carlson described unit types in the presentation but the transcript reads garbled detail for unit counts; the record clearly states the overall project cost and the $2,250,000 TIF bond request. The ordinance authorized the city to issue taxable economic development revenue bonds and to take related actions in connection with the Vita Lifestyle project.
