Lafayette taxpayers to see both savings and costs

LAFAYETTE, Ind. (WLFI) - There is both good news and bad news for Lafayette taxpayers after Monday's City Council meeting.

First, the good news.

The Common Council approved refinancing a set of bonds that will save property taxpayers more than $780,000.

One trio of bonds is a combined $6.5 million for the Parks District. They include a $5.5 million bond purchased in 1998, a $4 million bond in 2001 and a $2.5 million bond in 2003, adding up to a combined $12 million. Over the years they have helped such projects like the Aquatics Center, the McAllister Center and several buildings at Columbian Park and the Zoo.

The second trio of bonds is a combined $4.7 million for the Redevelopment District. They include a $2.6 million bond purchased in 1996 for the parking facility, and two bonds in 2004 for the Renaissance Center. The first was for $2.15 million, the second for $850,000.

In both the parks and redevelopment bonds, the money to pay for them comes directly from property taxes.

"I want to be realistic," said Lafayette Mayor Tony Roswarski.  "When you spread it out through the whole city and every business, it's not a huge amount. But any savings we can incur for all of us matters."

But don't start counting your savings just yet.

The council also passed the first reading of a 31 percent phased-in rate hike for sewage bills over the next three years.

The increase will pay for a construction project to build or improve storm water sewers along Earl Avenue from South Street to the Fairgrounds, then to the Wastewater Treatment Plant. City officials said when the $33 million project is complete, it will keep 115 million gallons of sewage from entering the Wabash River each year. It's a required project by the Indiana Department of Environmental Management.

There's a public hearing scheduled for the December council meeting.