The Lafayette Redevelopment Commission has received documents from Caterpillar indicating Cat intends to spend $73.6 million to renovate its Lafayette Engine Center (LEC).
Cat's spokesperson, Lisa Miller, did not give specific details, but information given the redevelopment commission indicates Cat plans building improvements, IT software, machinery, and equipment for the LEC.
The Chicago Tribune says the renovation should take place through 2021 and will add 125 new jobs with an average hourly wage of $27.95. Currently, the LEC employs 1,353 workers.
Caterpillar is also seeking a economic revitalization area tax abatement resolution from the Lafayette Redevelopment Commission. If granted, the tax abatement would span over 10 years, retroactive to Jan. 1, 2018. The commission will discuss Caterpillar's request June 4, 2018 and July 9, 2018.