TERRE HAUTE, Ind. (WTHI) - Indiana State University is planning to expand into downtown Terre Haute with help from the city. Thursday night, the city council heard plans on a new downtown housing project. ISU said it will help the school and city, but not without some financial help from Terre Haute.
Student housing put right in downtown Terre Haute. That's a plan that the city and university are looking to move forward in next month.
Supporters have said it will help revitalize downtown by adding people and retail to Wabash Avenue.
But, it doesn't come without a large money commitment from the city.
At Thursday night's sunshine meeting, Cliff Lambert of the Terre Haute Redevelopment Department explained the housing project plan.
New student housing and retail stores will go from the corner of 5th and Wabash up to 6th and Wabash.
It's a plan that is scheduled to cost around $17 million with around $1 million of that financed through bonds from the city.
That's what city council will have to approve. Several members of the council issued their support for the plan.
"I think this falls into the no brainer situation," Councilman Jim Chalos said. "So I am really excited about the project. I am excited to see what's going on downtown."
But there were still questions.
"The only reservation I have at all is the fact that the lease is awfully long," Council President Norm Loudermilk said. "But of course that's not my concern that's the state's concern."
That concern is that the university lease with the developer will be for 30 years. A normal lease period for projects like these is four. It's something the members of the council said they must consider going forward.
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