TERRE HAUTE —
The Terre Haute Redevelopment Commission voted Wednesday to give financial help to a newly planned downtown office building.
The commissioners voted without opposition for a resolution that gives a green light to a financial incentive package designed for Thompson Thrift, a Terre Haute developer. Thompson Thrift plans to construct a new three-story office building at 925 Wabash Ave.
Thompson Thrift announced Tuesday it plans to build a 33,000-square-foot building at the corner of 91⁄2 Street and Wabash Avenue. If all goes according to plan, construction will begin in July and be completed in May 2012. The total project cost is estimated at $5.7 million.
“I think we are very fortunate to have this opportunity to work in collaboration with Thompson Thrift once again,” said Cliff Lambert, executive director of the Department of Redevelopment.
To legally give financial assistance to the new project, city officials plan to provide a $750,000 bond to Thompson Thrift. The city, using property taxes generated in a special downtown taxing district, will initially pay $250,000 toward that bond’s debt. The city will then allow Thompson Thrift to use the property taxes generated by the new building to pay down the next $500,000 in bond debt, city officials said.
Annual property taxes generated by the new building are expected to be about $70,000, said Jason Semler, an official with H.J. Umbaugh & Associates, which provides financial advice to the city. Using that figure, the $500,000 bond debt should be paid off in about 12 years, he said.
The ultimate responsibility to pay back the bond falls on Thompson Thrift, Semler noted. If insufficient property taxes are generated to cover the bond, the developer will be required to make up the difference, he said.
About $125,000 of the financial incentive package will be used to replace sidewalks and curbs around the building after construction is completed, Lambert said.
Other steps remain in the process before the financial incentive package becomes reality, officials said. The Terre Haute Economic Development Corp. and the Terre Haute City Council must also take steps to approve the package.
Arthur Foulkes can be reached at (812) 231-4232 or arthur.foulkes@tribstar.com.
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This is an artist's drawing of the proposed three-story office building at 9 1/2 Street and Wabash Avenue. Submitted photo
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The plan: This site plan distributed to the media Tuesday afternoon shows the site for the new office building at 9 1/2 Street and Wabash Avenue with the Glidden Furniture building to the east (bottom), Clabber Girl to the north (right) and the new building’s parking lot to the south (left). Submitted photo
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Location: Street signs indicate the location of the new professional office building. Tribune-Star/Bob Poynter
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Director: Cliff Lambert, executive director of Terre Haute's Department of Redevelopment talks with Tribune-Star reporter Arthur Foulkes during Tuesday's announcement. Tribune-Star/Bob Poynter
Discussion
New downtown project gets city financial aid
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