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Director Of Redevelopment Concerned Over Funds

terre haute city hall
terre haute city hall

A change in state law seems to have the Terre Haute Redevelopment Director upset with the Terre Haute City Administration.

Mayor Duke Bennett says a new state law passed this past session mandates the city administrations state wide take over redevelopment finances by July 1st and that his office is working through that process now.

Redevelopment Director Cliff Lambert is concerned about the city taking money from some of the 19 accounts related to the Tax Increment Finance or TIF district.

That appears to be legal and no problem as long as the money isn’t spent on something it shouldn’t be.

The city comptroller said the money is simply in another account that has a higher interest rate. 

Lambert doesn’t like that idea.

Lambert seems to think that the city might be tempted to use redevelopment money to shore up some of the city accounts until tax revenue is distributed by the state.

Lambert will seek legal and financial counsel to try to help him figure out the new state laws.

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