From the Terre Haute Tribune-Star:
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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.
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http://tribstar.com/local/x1400177652/New-police-facility-gets-jump-start
