Lafayette Consolidated Government is taking full advantage of a settlement clause between LCG and Greyhound that gives city officials the first option to buy the former Greyhound bus station downtown.

According to a report from The Advocate’s Richard Burgess, the Lafayette Public Trust Financing Authority is set to vote today on whether to purchase the downtown site for about $157,000.

LPTFA Chairman John Arceneaux tells The Advocate that the public financing agency is purchasing the property on behalf of LCG, which has dibs on the site per a settlement LCG reached with Greyhound last year. Greyhound sued LCG in 2008 after the City-Parish Council voted to block the bus company’s move to a Moss Street location that Greyhound had already purchased.

The settlement calls for LCG to buy the Moss Street site from Greyhound and for LCG to house Greyhound in the Rosa Parks Transportation Center downtown. The settlement, valued at $540,000, includes both money for the Moss Street property and 20 years worth of free rent at the LCG-owned Rosa Parks center:

Arceneaux said there are no firm plans on what to do with the property, but city-parish officials and the Downtown Development Authority have an interest in having control over the future development of the site.

The intent is “to secure a prominent piece of land” in downtown Lafayette, Arceneaux said.

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