Lafayette is setting up a Tax Increment Financing District to help a roughly $40-million project get off the ground.
The city’s Redevelopment Commission voted to establish the TIF to allow Metronet to move forward with its fiber optic network.
Redevelopment Director Dennis Carson says that type of infrastructure is important for the future of local business.
Metronet president Steve Biggerstaff says the TIF comes at no expense to the city or residents because the company and its investors will pay for the entire project.
The creation of the TIF allows the company to recoup property taxes it pays once the network is up and running.
Carson hopes to have the service available within the next several years, but Metronet first must conduct a feasibility study which is expected to take a couple of months.
Lafayette is overseeing the project for Tippecanoe County. West Lafayette also is setting up a TIF for Metronet, but will do so separately from the other two.