From a lengthy story in the Lafayette Journal and Courier:
Be sure of several things about Faith West, Faith Church’s proposed community center and student housing plan for a neglected West Lafayette plot that once was home to the Family Inn.
First, Mayor John Dennis and his administration, after going through at least two aborted plans for commercial development at that 6.4-acre lot on Northwestern Avenue, is down with the Lafayette church’s plans to branch into West Lafayette with a $12 million project that includes apartments, a fitness center and more.
Second, the $7 million in tax-exempt municipal bonds Faith Church leaders are asking the city to help issue would save some considerable cash over the life of the Faith West repayment schedule.
Third, if you take them at face value, Faith Church leaders seriously did not see this controversy coming on a bonding tactic that has been used in hundreds of cases of nonprofit construction in hundreds of cities — and featuring quite a few faith-based projects along the way. Since the West Lafayette City Council, on a 6-1 vote earlier this month, gave initial approval of serving as the go-between on the municipal bonds, a drumbeat has grown more steadily with questions about the city’s role in picking religious organizations to get tax help — even if that tax help won’t cost the city a dime.
...
Members of the West Lafayette Economic Development Commission tried to downplay any precedent-making in the Faith West case. But that’s where the city stands on a project that even Viars can envision setting a tone for projects to come. Seriously, if this goes through, nonprofit groups of all shades would be fools to pass up the tax-free bonding help.
See the full analysis of the Faith West Bond Issue here:
http://www.jconline.com/apps/pbcs.dll/article?AID=2012305260024
