TERRE HAUTE, Ind. (WTHI) - Terre Haute's finances have been in the spotlight for several years now, and this year is no exception as the administration continues to dig the city out of a general fund budget deficit.
The city council gave its approval for yet another loan from the Department of Redevelopment.
This time, Mayor Duke Bennett capped the loan at $2 million.
Last year's loan was for $5 million.
The city will borrow the money from two TIF districts.
While the mayor explained his plan to the council, he addressed how he foresees the next year shaking out, in terms of whether the city will need a loan from redevelopment.
"My goal is that next year, it's very possible that we will not need to borrow any money from redevelopment," Bennett said.
The redevelopment commission must also give its approval for the administration to borrow from them.
Redevelopment Director Steve Witt supports the loan saying TIF districts can meet their debt services while maintaining the projects they have.
- City council approves Mayor Bennett's request for $2 million loan
- Mayor Bennett: $4 million loan needed for "cash flow" purposes
- Terre Haute City Council approves $93 million budget
- Mayor Bennett highlights city's balanced budget during state of city address
- Mayor Bennett donates time to Red Kettle Campaign
- City council approves convention center funding plan
- Loan for the Sugar Creek Fire Department approved
- Terre Haute Mayor Duke Bennett announces he will run for re-election
- Terre Haute fire and police unions endorse Duke Bennett for mayor
- Terre Haute City Council approves several new policy changes