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WORKING
THROUGH BUDGET ISSUES. ACCORDING
TO THE MAYOR, THE
CITY COMES INTO DECEMBER WITH A
TOTAL DEBT AROUND 2
MILLION DOLLARS. AND WITH 5
MILLION TO PAY
BACK FROM A CASH FLOW LOAN. NOW,
MAYOR DUKE BENNETT
AND THE COUNCIL ARE WORKING TO
FIND A WAY TO PAY OFF THE
DEBT. NEWS 10'S MATT GREGORY
JOINS
US NOW WITH THEIR DECISION.
THAT'S RIGHT, ACCORDING TO THE
MAYOR THE
CITY HAS A TOTAL OF 7 MILLION
DOLLARS HE WANTED TO PAY
OFF TONIGHT. BUT ACCORDING TO
THE CITY
COUNCIL ONE OF THE FUNDS HE
WANTED TO TRANSFER WASN'T
MEANT TO PAY DOWN THE CITY'S
DEBT.
HERE'S HOW IT WORKS: BY MOVING
AROUND 2.1
MILLION FROM THE CITY'S PILOT
FUND, 3.5 MILLION FROM THE RAINY
CITY'S ECONOMIC
DEVELOPMENT FUND, THE CITY
WOULD MEET THE 7
MILLION DOLLARS IT OWES IN DEBT
AND LOANS.
BUT FOR THE CITY COUNCIL THEY
WEREN'T COMFORTABLE
USING 2 MILLION DOLLARS IN
ECONOMIC DEVELOPMENT
STRICTLY TO BRING
BUSINESS TO TERRE HAUTE. WHILE
THEY MAYOR FEELS
THAT IF THEY DON'T PAY DOWN THE
DEBT NOW IT COULD HURT
MORE IN THE FUTURE.
"EDIT FUNDS ON THE OTHER HAND
HAVE SUCH AN IMPORTANT USE
IN OUR COMMUNITY, I WOULD JUST
HATE FOR US TO LOSE
THE OPPORTUNITY AS A COMMUNITY
TO BE ABEL TO DO SOMETHING HUGE
WITH THE EDIT MONEY. " "WE'VE
RECENTLY FOUND OUT THE ASSESED
VALUES HAVE GONE DOWN IN VIGO
COUNTY WE DON'T KNOW THE
EXACT IMPACT ON THE CITY YET,
HAVE TO DEAL WITH NEXT YEAR. SO
WE ARE LOOKING AT SOME
ADDITIONAL CUTS, ADDITIONAL
REVENUES. IT'LL BE AN ONGOING
CONVERSATION FOR UYEARS TO COME.
"
NOW THE EDIT MONEY WAS ONLY
TABLED SO IT STILL CAN BE
YEAR.
BUT THE CITY COUNCIL WAS VERY
CONCERNED WITH USING
ECONOMIC
DEVELOPMENT FOR DEBT RELIEF. AS
IT STANDS RIGHT NOW, THE
CITY COULD ENTER 2013 WITH A
DEBT AROUND 2 MILLION DOLLARS.
BACK TO YOU.
THE CITY COUNCIL ALSO TABLED A
DECISION TO
MAKE CHERRY STREET TWO WAY.
A TERRE HAUTE MAN FACING CHARGES
OF ***