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Council approves $250,000 forgivable loan and alley vacation for Centennial Edge redevelopment
Summary
The Lafayette Common Council approved a $250,000 forgivable loan from TIF funds and vacated a portion of an alley to support the Centennial Edge redevelopment; the loan will be forgiven after project completion and the southern alley access for a garage will be retained.
The Lafayette Common Council on June 1 approved a $250,000 forgivable loan from existing tax-increment financing (TIF) funds to support the Centennial Edge redevelopment project and vacated a portion of an alley south of Union Street between Fourth and Fifth streets to clear title and facilitate construction.
The loan, described to the council at second reading, may be drawn in three installments and "once the project has…
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