FINANCIAL_SERVICESAPPROVED

Lafayette Redevelopment Commission Meeting Agenda Packet April 2026

Lafayette OKs $1M Forgivable Loan To Sustainea

$1,000,000 forgivable loan plus $95,500 in job training fundsTown of LafayetteSUSTAINEA BIOGLYCOLS LLCApril 23, 2026

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Description

The Lafayette Redevelopment Commission approved a forgivable loan agreement providing Sustainea Bioglycols, LLC with up to $1 million in TIF-funded financing for a new 40,000-square-foot manufacturing facility, along with $95,500 for job training. The 0% interest loan will be forgiven at maturity if the company completes the project and creates at least 180 jobs at an average wage of $46 per hour.

Contract Details

Contract Amount

$1,000,000 forgivable loan plus $95,500 in job training funds

Vendor

SUSTAINEA BIOGLYCOLS LLC

Agency

Town of Lafayette, IN

Contract Type

FINANCIAL_SERVICES

Document Date

April 23, 2026

Contract Term

Loan dated as of _________ 1, 2026; loan forgiven on maturity date if conditions met (project completion by specified date and 180 new jobs at $46/hour)

Renewal Info

Loan is forgivable at maturity if conditions are met; no automatic renewal. City may, in its discretion, forgive early once job and project milestones are satisfied.