Faith Church could secure funding for WL project

May 7, 2012

West Lafayette’s city council is considering a move to help launch a proposed mixed-use project.

Members will vote Monday, May 7, on issuing $7 million in bonds for Faith Church.

The non-profit wants to build a 94,000 square foot community center along Northwestern Avenue.

If the city sells the bonds, Faith will receive a lower interest rate because it’s through a government agency. But, it comes at no financial risk to West Lafayette, according to Mayor John Dennis.

Officials say church is responsible for the payments and if it is unable to make them, it won’t affect the city’s bond rating.

They add that similar moves have been done for other non-profit projects including an expansion and renovation of Westminster Village’s senior center.

The West Lafayette City Council meets at 6:30 p.m. in city hall.