LAFAYETTE, Ind. (WLFI) — Bids for the Loeb Stadium overhaul came in about $3 million higher than expected.
Now, the city of Lafayette is budgeting to pay for it.
On Tuesday, the board of works accepted bids for everything except the score board. The city wants to get more bids before making a final decision.
Mayor Tony Roswarski said the bond issued for the project was $17.6 million. Money from the Columbian Park Master Plan will help pay some of the overage.
To save more money, the city is also looking at changing some of the plans without taking away from the overall design.
"We're not going to change the appearance, the functionality of the field, the ability to use it for multi-use events," Roswarski explained. "We're not going to look at this from the short side. We're looking at this long term."
Roswarski said EDIT funds, also known as economic development income taxes, will make up any additional costs.
"We always keep EDIT in reserve, and I want to make this part clear: We are not talking about the city's rainy day fund," he said. "That will not be touched. This is money that we haven't budgeted that we keep. Just in case."
Roswarski also added that many of the contractors hired for the project are local.
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