The Terre Haute Redevelopment Commission passed several resolutions Wednesday that advance two housing projects on the north side of Terre Haute.
First there’s the proposed Annex 41, LLC student housing project that will be constructed at the Boys and Girls Club property.
There are some roadblocks to deal with, however, such as utilities that currently go through the property. Those need to be relocated to make way for new construction. The Commission approved a resolution of up to $500,000 to help fund the relocation of those utilities.
“It’s a great investment for the city by spending a little over $400,000 for these improvements,” says Redevelopment Commissioner Steve Witt.
Witt says he anticipates the company would pay about $400,000 or more every year in local property taxes.
“It’s a little unique in that we’re using tax increment finance funds from our downtown tax increment finance area to do that,” says Witt.
The property site is not within the downtown TIF area.
Witt says, “it’s legal to do that because the project serves and benefits the downtown TIF area.”
The housing project intended for the old ICON building location also gained some ground Wednesday.
“We created a new tax increment finance district specifically for that project, and I believe that concludes all of the actions in regard to the city redevelopment commission,” says Witt. “That project should close within the next week or so, and then they’ll commence construction there as well.”