Lafayette City EDC approves $1 million forgivable loan as incentive for Sustainia project

The Lafayette City Economic Development Commission voted to approve EDC Resolution 2026-01 on March 31, 2026, authorizing city steps related to proposed taxable economic development revenue notes and a $1,000,000 forgivable loan as part of an incentive package for the Sustainia project. Miles (presenter) introduced the resolution and described the procedural steps the commission was authorizing when he said the item concerned "certain proposed taxable economic development revenue notes."

A Staff member explained the incentive structure and funding: "So, we are today, part of the process to do the $1,000,000 for the city incentive," and said the loan would be forgiven once the project is completed as contemplated. The staff member told the commission that both the city and the county have committed TIF funds toward the project and that the county will hold subsequent meetings to approve its portion of the incentive.

Commission discussion focused on timing and implementation steps; staff and commissioners referenced possible construction timing in 2027 and, by others’ remarks, late 2028 or early 2028 as production targets, but no definitive completion date was given. The resolution was moved by a Commissioner and seconded by the Chair; the commission approved it by voice vote.

The resolution authorizes the city to proceed with the steps specified in the document and with coordination with legal and financial advisers; the county’s separate approvals are still pending. The next procedural steps noted in the meeting record were consideration by county bodies and then city council action as required by the incentive and redevelopment process.