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Message
re: Costco to enter Lafayette Market
Posted on 7/2/14 at 10:01 am to wpsnickers
Posted on 7/2/14 at 10:01 am to wpsnickers
Yup.
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quote:
The developers will build up to $11.5 million in infrastrucure, such as roads and drainage, which will be dedicated back to the city of Lafayette, Pecot said.
In exchange, the IDB voted unanimously to grant the developers a payment in lieu of taxes exemption. The IDB will take technical ownership so that the developers will not have to pay property taxes for up to 11 years and three months in exchange for building the infrastructure.
No matter what happens, after 11 years and three months, the development reverts back to the developers, who will have to pay property taxes, said Gregg Gothreaux, volunteer executive director of the IDB and president and CEO of the Lafayette Economic Development Authority.
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