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Council approves first reading of $500,000 TIF forgivable loan for bioglycols project
Summary
On a voice and roll-call vote, council approved first reading of ordinance 2026-13-CL to allocate $500,000 from Southeast Industrial TIF as a forgivable loan to support the Sustainia Bioglycols project; staff said the package is coordinated with the City of Lafayette and the loan would be forgiven if the company meets job and wage benchmarks.
The county council on first reading approved ordinance 2026-13-CL, authorizing a $500,000 expenditure from Southeast Industrial TIF revenues as a forgivable loan to support the Sustainia Bioglycols project.
County staff explained the measure in short: the $500,000 would be offered as an incentive and structured as a forgivable loan tied to performance benchmarks. A staff presenter described the paperwork estimate for the project as roughly a $300 million investment and a 40,000-square-foot facility. The presenter also said the main benchmark for forgiveness would be creation of about 180 jobs that pay at least $46 per hour.
The ordinance is a coordinated package with the City of Lafayette; staff said the city is putting forward a mirror contribution. Councilman Murray moved the ordinance on first reading and Councilman Richard seconded. The council conducted a roll call and recorded unanimous support on first reading — "Ordinance 2026-13-CL passes 7–0 on first reading," the auditor reported. Council scheduled a second reading in June.
What the ordinance does and what remains: the first-reading approval authorizes the county to enter into the loan agreement and issue a note that can be drawn to pay project expenses as the company meets milestones. The second reading will be scheduled in June; council must return to finalize any loan documents and formally adopt the ordinance on second reading.
Action recorded: first reading passed 7–0; second reading set for the June meeting.
