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No Opinion Yet From State On How To Handle TIF Dollars

It could be a while before Terre Haute gets an opinion from the state on how it’s handling redevelopment money.

The State Board of Accounts says that it will probably wait until an ongoing routine audit is complete.

Initial findings indicate that generally state law permits the lending from one city account to another city account and that would include redevelopment dollars sitting in city accounts.

Those so called “loans” would have to be fully repaid within the budget year.   Redevelopment Director Cliff Lambert says that he thinks that practice is not allowed under Indiana law. The question yet to be answered is this a simple transfer of money or a loan or is the money actually being spent.

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