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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.
What
is an enterprise zone?
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.
How
does the LUEA work?
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:
- Three government representatives
- Three zone business representatives
- Three resident representatives
- One state government representative
- One building and trades representative
- One nonvoting state staff member
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.
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