TERRE HAUTE —
The Terre Haute Redevelopment Commission took the first step Wednesday toward financing a new headquarters for the city’s police department.
The commission members, meeting in City Hall, unanimously approved a resolution allowing work to begin toward the possible issuing of bonds of about $5.2 million to pay for the proposed new “public safety” facility.
The Terre Haute police are currently housed in a former Old National Bank building at 12th Street and Wabash Avenue. A new police station would likely be built in approximately the same location, city officials have said.
The bonds would be paid off using “tax increment” from the city’s downtown Tax Increment Finance (TIF) district, said Jason Semler, a certified public accountant with H.J. Umbaugh & Associates, an Indianapolis accounting and consulting firm working for the Department of Redevelopment.
Financing of the bonds would cost approximately $400,000 annually, Semler said. The bonds would have an approximately 20-year maturity, he said.
If all goes well, the bonds could be placed up for sale by next spring, said Cliff Lambert, executive director of the Terre Haute Department of Redevelopment. Umbaugh is assuming an interest rate of a little more than 5 percent; however, it is likely the rate will be lower than that, Semler said.
Before the bonds would be placed up for sale, the city administration, including the chief of police and the mayor, would have to give the green light for the project, Lambert said.
The Terre Haute Redevelopment Commission is a five-member body appointed to oversee the Department of Redevelopment. Three members of the commission are appointed by the mayor. Two are appointed by the City Council.
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