|LUEA: A Decade of Revitalizing Our Community and Economy (pdf)||Wabash Riverfront Master Plan (pdf)||Implementation/Action Recommendations (pdf)|
LUEA Mission - "To enhance, revitalize, and encourage the businesses and neighborhoods of the enterprise zone through partnerships, incentives and cooperation."
The Lafayette Urban Enterprise Association (LUEA) is an independent, nonpartisan, nonprofit organization with 501 c 3 status, established to direct enterprise zone activities and reinvestment. The LUEA is managed by a 12 member board appointed to a four year term by the Lafayette City Council and the Mayor.
An enterprise zone is a designated urban area in need of community and economic revitalization. The Lafayette Urban Enterprise Zone (LUEZ) is an area within the City of Lafayette, Indiana, in which more than 25% of the resident households have incomes below the poverty level as established by federal guidelines. The enterprise zone benefits businesses and residents through community and economic revitalization. Zone businesses benefit from tax incentives and a favorable climate for business reinvestment. Zone residents benefit from increased employment opportunities as well as reinvestment. Together, the community benefits from an enhanced quality of life.
The LUEA is managed by a 12 member board appointed to four year terms by the Mayor and City Council. The 12 members are composed as follows:
A full-time Executive Director, a full-time Project Development Director, and student interns serve as staff. At the state level, the zone program is managed by the Indiana Department of Commerce and the State Urban Enterprise Zone Board.
Funding for zone programs come from participation fees paid by LUEZ business taxpayers who take advantage of zone tax incentives. Currently, just over 100 local businesses in the zone are association members benefiting from the tax incentives. These businesses utilize their tax savings for business reinvestment and for reinvestment in the zone community through the LUEA. Programs are determined by the board with public input and may be any activity that improves the LUEZ.
The board also determines the level of participation fees, makes recommendations concerning boundary adjustments and business disqualification, and may request waivers of certain state regulations within the zone. Participation fees are 35% of total tax savings.
Businesses, investors, and residents of the zone all benefit from LUEA involvement and the entire community benefits from improved economic health and quality of life. However, a business or resident of the zone is not required to participate in zone programs or file for specific benefits. LUEA uses payments collected from participating businesses for zone community and economic development projects.