It was announced several weeks ago that Indiana State University is planning to expand its student housing into downtown Terre Haute.
New student housing and retail stores will go from the corner of 5th and Wabash up to 6th and Wabash.
It would be built by local developer Thompson Thrift who would then lease space to ISU over several years.
ISU would pay Thompson Thrift millions over the life of the lease.
Another part of the deal would have the city of Terre Haute issue over $1 million dollars in bonds to help finance the deal.
The city council has not decided yet.
Paul Thrift of Thompson Thrift told the Trib-Star that approval of the bonds is “absolutely essential” to the project moving forward so that the project would appeal to investors and lenders.
The state budget committee is also expressing concerns over the deal because it is for such a long term.