Vincennes City Councilman Backs Bond for Main Street Project

The Vincennes City Council voted five-two Monday night to approve an up to five million dollar bond issue for Main Street Phase One. Council approved the issue for the Vincennes Redevelopment Commission, since the project falls into the City’s TIF Zone.
One of the Councilmen in favor of the bonding was Vincennes City Councilman Tim Salters. Salters says the approved proposal does not add any taxes to individual taxpayers…

Salters also likes the idea because one bond fits all…

Shirley Rose and Jim Westfall voted against the bonding. Rose objected in part because she feels too many other R-D-C projects made the bond necessary. Westfall is concerned about the R-D-C’s making the payments, if TIF district revenue drops during the bond’s payback period.
The bond issue is for eight years at an expected three and a quarter percent interest rate.

Tags: , , , ,