There has been some good conversation in the public square regarding Faith West and the type of financing that is being pursued to build it. Tax exempt bond financing is a mechanism that is not used very frequently in our town, but is used all over the country for projects similar to–and much larger than–ours.
Some facts regarding tax exempt bonds:
- They are open to all 501(c)3 organizations.
- They do not affect the credit rating of West Lafayette or any other city.
- The City of West Lafayette is in no way responsible for repayment of the money; Faith Church is.
- The city simply serves as a conduit for approval of these bonds; nothing more.
Below is a video that our team put together to help explain some of the common questions that have been circulating and some answers to those questions.
http://www.youtube.com/watch?v=YY0JPw9li18
We’ve also included the following documents that may help you understand the project and some of the issues:
- Frequently Asked Questions: Questions that have been asked about this project and the TE Bond process in general.
- Legal opinion from our attorney: Here they address one of the concerns that has been raised regarding Church and State.
- TE Bond funded religious projects: Another document from Ice-Miller which lists some recent projects they have worked on that received a TE Bond and has a strong religious connection.
- Faith West comparables: Compares Faith West to other projects around the nation that have received TE Bonds and has many similarities to Faith West.
- Letter to the EDC: A letter that Pastor Viars sent to the members of the Economic Development Commission.
- Response to Freedom from Religion Brief: Answers objections recently raised by FRF Foundation from Madison, W, an organization which seeks in part to “educate on non-theism.”
If you have any further questions after watching the video, please contact Josh Greiner at jgreiner@faithlafayette.org or call him at the church at 765-448-1986.
