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LoRa winds down; city, DDA plan downtown handoffs and $2 million start-up funding
Summary
LoRa presented a budget amendment and a 2026 wind-down budget and proposed transferring $2 million to the newly formed Downtown Development Authority to support initial operations, parking, marketing and small-business support.
The Lafayette Urban Renewal Authority (LoRa) presented an amendment to its 2025 budget and the authority's recommended 2026 wind-down budget as its tax-increment financing (TIF) concluded and responsibility moves to the Downtown Development Authority (DDA) and the city.
LoRa reported an additional $900,000 in property-tax receipts collected because property tax is received in arrears; staff said the 2025 amendment reconciles that additional revenue and sets expense allocations to wind down LoRa's operations. Major 2025 items include the 7800 block South Public Road streetscape project (design and construction), alley and drainage improvements, continuation of a public parking program, and some small-business support grants.
For 2026, LoRa described a significantly reduced budget intended to complete transfer or disposition of remaining assets (two properties still to be sold or transferred). Staff said the DDA will take on downtown programming and capital priorities; LoRa proposed a formal $2 million transfer to the DDA as start-up funding to support administrative costs, the parking-lot program, small-business grants, marketing and events during the DDA's first five years.
Council discussed fund balances, loans listed on LoRa books and process questions. Council received the presentation and asked staff follow-ups; the DDA director later presented the DDA's recommended 2025-26 budget, which the council adopted (Resolution 2025-69).
