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Redevelopment commission adopts Twickenham TIF resolutions to advance South 9th Street project
Summary
The Lafayette Redevelopment Commission on March 26 approved a set of resolutions to prepare and confirm changes to the Twickenham TIF, enabling a South 9th Street project and authorizing financing of up to $12 million; the Poland Hill portion was deferred until the 9th Street work is complete.
The Lafayette Redevelopment Commission voted March 26 to adopt preparatory and confirmatory resolutions for the Twickenham tax-increment finance (TIF) district to advance the South 9th Street project and to enable financing for related work.
Dennis (speaker 2) described LRC 20‑26‑01 as the appropriate resolution for the Twickenham TIF and said the financing contemplates "a bond to not to exceed the amount of $12,000,000 for TIF funding of this project." Commissioners asked whether bonds would be issued immediately; Dennis said issuance would occur once interest rates and related details are settled and that activities would begin "shortly thereafter." Speaker 7 noted the project has work let through NDOT and that the commission is currently paying its portion of the match and would refund those match payments from bond proceeds when bonds are issued.
Speaker 3 moved to adopt a preparation resolution (LRC 20‑26‑03) for the Twickenham TIF; the motion was seconded and carried. Dennis then presented LRC 20‑26‑06, a confirmatory resolution amending the TIF plan to add the South 9th Street project and the Poland Hill project. Commissioners discussed timing for Poland Hill and agreed the Poland Hill portion would be deferred until the 9th Street project is complete and tracked; the confirmatory resolution was approved.
The commission did not set a date for bond sale; staff said further details, including interest rates and scheduling, will be resolved before issuance. Next steps include finalizing financing details and proceeding with project scheduling once bond terms are acceptable.
