Terre Haute City Council Approves Seeking $5 Million Loan

city-hall-jpg

TERRE HAUTE, Ind – At an abbreviated Terre Haute City Council meeting Thursday, the council unanimously approved an application for a $5 million temporary loan to cover expected shortfalls in property tax distributions.

Spring property tax payments are due May 10, but an executive order from Gov. Eric Holcomb eliminated late fees and penalties for spring property tax payments for 60 days, effectively pushing this year’s due date to July 10.

The loan would have to be repaid by the end of the year.

Mayor Duke Bennett said the interest rate on the note would likely be less than 2 percent and cost the city about $8,300 per month.

The meeting lasted only 15 minutes.

The council next scheduled meeting is at 6 p.m. May 7. That could change depending on state pandemic directives.

 

https://www.youtube.com/watch?v=iv2kNTzvZC8