TERRE HAUTE, Ind. (WTHI) – The Terre Haute Redevelopment Commission says there’s a lot to come for the city, that’s following Wednesday’s meeting.
Plans to turn a 3rd Street property into student housing for Indiana State University is in the works.
The property is home to the Boys & Girls Club until the end of March.
At Wednesday’s meeting, commissioners approved a resolution to help fund the relocation of utilities for the project. Redevelopment Director Steve Witt says they’ll be using money from the Downtown Tax Increment Finance (TIF) area to do this.
This is what he says makes the project unique. The property is not within Downtown TIF limits, but because it will help serve and benefit the area is how they were able to use the funding.
Ultimately, Witt says this project is a win, especially for the city.
“By spending a little more than $400,000 for these improvements, we anticipate the company will be paying about $400,000 or more every year in local property taxes,” he said, “So it’s a great return on the investment of the community.”
Annex 41 LLC, the student living group out of Indianapolis, says they’re hoping to have the housing open for students in Fall 2018.
Plans are also in motion for the ICON Building.
Commissioners approved a series of resolutions regarding the project, which will turn the building into loft-style apartments. Some of the resolutions include approving of the deed from ISU to the developer, CORE, out of Indianapolis.
Witt says the commission has created a new tax increment finance district specifically for the project.
He says these projects are all just pieces in the bigger picture to help the city thrive.
“The north side of Terre Haute, along 41, on the westside, we’re going to see a lot of new investment, new improvement over the coming year, year and a half,” he said.
It won’t be long before you see progress taking place at the ICON building. Witt says the project should close within the next week or so, with construction starting shortly after.