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Council approves $1 million TIF pledge for Biogloss LLC project
Summary
On second reading the council approved committing $1,000,000 of TIF funds as an incentive for a Biogloss LLC project; staff said approvals were in place and no public comment was received before a 7-0 vote.
The Lafayette City Council on May 4 approved an ordinance authorizing a taxable economic development revenue note and committing $1,000,000 of tax-increment financing (TIF) funding for the Biogloss LLC project.
"The city of Lafayette is committing $1,000,000 of TIF funding," a city staff presenter said, describing the pledge as support for a sustaining project coming to Lafayette and indicating prior approvals were in place. City staff offered to answer council questions; no members of the public spoke on the item.
Council approved the ordinance by roll call, 7-0. The ordinance was considered on second reading and adopted at the meeting.
