Organizers of a coworking space in downtown Lafayette are putting the financing together.
While the space is being leased from the Tippecanoe County Public Library for $1 per year, the city is paying to renovate the facility. The library uses a portion of the Stein Building at 6th and South streets.
Lafayette’s Economic Development and Redevelopment commissions approved plans to sell up to $1.5 million in economic revenue bonds. The money would be used to build out the 10,000 square foot facility with conference rooms and work stations.
Mayor Tony Roswarski says those will be paid back with tax increment financing district funds.
“I look at this as an investment in our economic future and diversifying our economic base, retaining talent, keeping our young people here,” he says. “We’re excited. This is a big step for Lafayette.”
The bond issue must still be approved by the Lafayette City Council. A first vote is set for Monday night.
Roswarski says plans call for the MatchBOX Co-working Studio to be operating this fall.
“We’re competing in a global economy,” he says. “This is another piece of diversifying that base, keeping our young people here, looking for some startup opportunities, and I think that’s really what MatchBox represents for us.”
The other partners in the project are Greater Lafayette Commerce, Purdue and Lafayettech.