LURA works with private property owners, businesses, tenants, and the City on development, redevelopment, and rehabilitation projects in the Urban Renewal District. As part of this work, LURA will enter into an economic development agreement to provide loans or grants with the "tax increment” to fund a portion of the investment. The tax revenue must be used on improvements that advance the urban renewal plan and provide public benefits, such as site clearance, streets, utilities, parks, the removal of hazardous materials, building improvements, or acquiring real property. Since each project is unique, LURA will evaluate projects on their consistency with the urban renewal plan and the potential revenue relative to the cost of improvements.
In 2022, LURA launched the Old Town Façade Improvement Program, which provides matching grants to business and property owners who wish to make exterior improvements to commercial and residential buildings within the Old Town Urban Renewal District. The LURA Old Town Facade Improvement Program enhances and preserves the unique character of Old Town Lafayette, improves the economic vitality and marketability of the downtown, and creates an inviting downtown environment that will encourage visitors to stay in Old Town for extended periods of time. To learn more about this competitive grant program and how to apply, visit www.LafayetteCO.gov/facade-program