Lafayette board OKs tax deal for retail center

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News,Business

LAFAYETTE, La. (AP) — Lafayette Industrial Development Board has approved an estimated $11.5 million in tax incentives for roads, traffic signals, utilities and other infrastructure needed for a planned 58-acre retail center anchored by Costco.

The Advocate reports (http://bit.ly/1qkqsSo ) work is scheduled to begin in November on Ambassador Town Center.

Lead developer Stirling Properties has not confirmed what other stores are planned for the site, only to say that it could be the first Louisiana location for some of the tenants.

The Lafayette Industrial Development Board on Tuesday approved an agreement allowing developers to use money that would have been paid in property taxes to instead be used to repay the cost of infrastructure in and around the retail center, including new roads, intersection upgrades and drainage improvements.

Much of the infrastructure is required by state and local government to keep the new development from worsening traffic and drainage problems in one the fastest growing areas of Lafayette.

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Information from: The Advocate, http://theadvocate.com

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