Lifetime Citizen Portal Access — AI Briefings, Alerts & Unlimited Follows
Redevelopment Commission approves TIF expansions, forgivable loan and bond amendment; staff reports $8.6M INDOT payment
Loading...
Summary
The commission approved three resolutions to expand a McCarty Lane TIF area and fund a forgivable loan (up to $1M for infrastructure, $95K for job training), amended bonding for the 9th Street project to add a debt service reserve, and noted staff made an $8.6M payment to INDOT connected to the 9th Street project.
The Lafayette Redevelopment Commission on April 23 approved a set of resolutions and contracts advancing several redevelopment projects and recorded a major staff-processed payment to INDOT related to the 9th Street project.
Dennis, director of the redevelopment commission, read Resolution LRC2026-07, a confirmatory resolution to add parcels to the McCarty Lane Southeast Industrial Expansion Tax Increment Financing (TIF) area in support of the sustaining project; the commission approved the resolution by voice vote, with at least one commissioner stating an abstention and noting they would avoid signing the document when it reaches the table.
Dennis then presented Resolution LRC2026-08, which pledges TIF revenues to fund a TIF-backed forgivable loan for the same project. Dennis said the infrastructure and capital portion is not to exceed $1,000,000 and job training support is not to exceed $95,000. "The interest rate will be 0% and [the loan will be] forgiven if the borrower meets all the requirements set forth in the document," Dennis said. The commission approved the resolution by voice vote.
The commission also approved Resolution LRC2026-09, which amends prior bond authorizations for the 9th Street project to add a debt service reserve account sized at the lesser of three enumerated options (annual principal and interest, 10% of bond proceeds, or 125% of annual debt service). Dennis said the city had been upgraded to a AA- minus rating by S&P Global Ratings and adding the reserve was required to secure that rating; the resolution passed by voice vote.
On claims and finance, the commission moved to approve claims totaling $2,177,992.85. Jeremy, a staff member, told commissioners he had authorized an $8,600,000 disbursement to INDOT under tight time constraints to prevent a contractor from withdrawing its bid. Jeremy said the payment included anticipated reimbursable road-construction amounts; roughly $4,800,000 of the distribution covered drainage work and $1,700,000 covered a bridge segment that the county will fund. He said the county is financing its bridge share 50% from its McCarty TIF shares and 50% from the Southeast Industrial TIF; staff expects to seek reimbursement from redevelopment bond proceeds later this month. Jeremy said he would send a narrative and table to clarify the distribution.
In other business the commission approved an on-call engineering agreement and a survey task order and heard an update that the city has applied for a REDI grant/loan of $5,000,000 toward an estimated $20,000,000 renovation of the Lafayette Theater; Dennis said an award is expected around mid-July and construction would likely begin late summer or fall.
What happens next: staff will provide the promised narrative and financial table clarifying the INDOT payment and reimbursements; the commission will meet April 30 to recommend a bid award for South Street and will consider other scheduled items in May.
