There are five economic development districts in Lafayette that are now up and running and looking for applications from the community.
The Lafayette Public Trust Financing Authority has agreed to administer the funds and is now taking applications.
The five districts took some time to get up and running, as they all had to be built from scratch, and this is the first time in the state that economic development districts have been set up like this, LPTFA Executive Director Kevin Blanchard tells KATC.
"Ordinarily, the district is set up to support the infrastructure costs for a specific proposed development. Here, the districts will fund infrastructure work for future development. That means it took a lot of careful groundwork to get everything together. And to clarify, while LCG has been supportive, the districts are separate entities from LCG," Blanchard says.
The districts have been “ready for business” for several months now, Blanchard says.
"There are bank accounts established and money is being collected. Each of the districts has adopted a process for accepting applications seeking public infrastructure that helps support economic development. We have our next meeting in March. Anyone who is interested in applying in the Downtown, Holy Rosary, or Northway districts can reach out to the LPTFA," Blanchard explains.
To do that, email Blanchard at email@example.com or call the office at (337) 504-2314.
The funds aren't LPTFA funds, but LPTFA is administering the program, Blanchard explains.
Lafayette City Councilman Glenn Lazard urges local business people to look into the funding.
“Basically, they would contact the Lafayette Public Finance authority, tell them who they are and request an application. They will in turn be given a packet, that will outline what the permissible use of the funds are, it will be pre-screened by LPTFA, and Then go before the board/Lafayette City Council, for approval or disapproval,” Lazard said.
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