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Terre Haute council approves $6.9 million bond for Terminal Hotel after lengthy debate
Summary
The Terre Haute City Council on March 6 approved Special Ordinance 02/2025 authorizing a $6.9 million economic development revenue bond for Terminal Hotel Partners LLC, passing the ordinance by a 9-0 roll call after extended debate about process and transparency.
The Terre Haute City Council on March 6 adopted Special Ordinance 02/2025, authorizing a $6,900,000 economic development revenue bond for Terminal Hotel Partners LLC to advance a downtown hotel project. The bond measure passed by roll call vote, 9-0.
The ordinance authorizes issuance of short-term bonds that redevelopment officials expect will be paid immediately or within days; bond counsel and the developer said the $6.9 million figure includes the $6.7 million in incentive funding pledged by the redevelopment commission plus costs tied to issuing the bonds. Dustin Meeks, bond counsel with Barnes & Thornburg, told the council the economic project and loan agreement recognizes that the redevelopment commission needs the council’s approval to act, but that the council itself is not a direct contracting party to that agreement.
The question of process dominated discussion. Several council members said they had not…
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