TERRE HAUTE, Ind. (WTWO/WAWV) – Following a Redevelopment Commission Meeting on Thursday, Mayor Duke Bennett was pleased to finalize the consolidation of three tax increment financing districts.
Those three areas are the central business district, an area along Fruitridge Avenue near Jadcore, and SR 46 where the casino will be built. The reason those districts were consolidated was to put the city in a better economic position to borrow funds. Those funds will be used as new projects emerge down the road.
Bennett says the first project will be the relocation and renovation of the new police station located in the former Tribune Star Building. However, he’s advising that additional bonds will be taken out for any other projects that may develop.
Since the Terre Haute Airport is one of five sites being considered for an F-35 Fighter Jet Training Program, surrounding areas could require additional infrastructure improvements.
Bennett also said with plans to build a new casino on the east side of town, road improvements near Margaret Avenue could be required.
“If we get this F-35 project, we’re going to have to do some additional road-type work out there. So we know there’s infrastructure needs out at the 46 corridor that serves the airport. And so that falls within our TIF District, up to the airport. And so we’ll continue to support those projects and we’ll help grow that east side of Terre Haute,” Mayor Duke Bennett said.
He anticipates it could take thirty days to close on the bond for the new police station, and it could take an additional six months to remodel the building. Bennett says the new police station will be open in early Summer or late Spring.