Posted: Sep 21, 2011 11:28 PM by Jim Hummel
Updated: Sep 21, 2011 11:30 PM
Pending approval by the Lafayette City-Parish council, Lafayette Consolidated Government (LCG) has tentatively reached a settlement with Greyhound Lines.
Greyhound filed suit against LCG back in June of 2008, after the newly-seated council rescinded a zoning change approved by the outgoing council the previous fall. The new council took that action because of outcry in the community against the proposed site for the station. With the zoning ordinance rescinded, Greyhound was effectively unable to move forward with the project, despite already purchasing the land.
The settlement with LCG is worth $540,094 for Greyhound. LCG will pay $270,047 (50%) out of pocket to purchase the Moss Street location from Greyhound and eventually use that site as a police substation. The other half of the settlement will be applied as rent credit by LCG to Greyhound for a 20-year lease at the new Rosa Parks Transporation Center. Greyhound will use that location as the its new bus station, effectively rent-free for 20 years.
"It's good for Greyhound, it's good for Lafayette," said City-Parish President Joey Durel. "We're not just paying damages, we're going to get something in return."
Also under terms of the settlement, LCG negotiated a right of first refusal on the sale of the current Greyhound location on Lee Avenue. That means as Greyhound negotiates a sale for its current location, LCG has an option to match the offer and buy the property.
"I think we can find a good use of that property and turn it into something that's an asset to downtown," said Durel.
The council will consider final adoption of the settlement as early as next month.