The Vincennes City Council has given their stamp of approval to a bond resolution to help fund Phase One of the Main Street Project.
At their meeting last night, the Council heard from Gary Smith with Reedy Financial, who explained the terms of the bond, which was approved by the Vincennes Redevelopment Commission at a special meeting last week.
The total cost of the project lands somewhere around $3.8 million. After taking into consideration the portion that will be paid for by the Vincennes Water Utilities, the RDC is looking at a cost of $3.4 million. The terms of the bond call for a maximum bond of $5 million, which accounts for unforeseen circumstances in the future. That bond would activate in January of 2019 and reach a maturity date in January of 2027. Per the terms of the agreement, the interest rate on the bond won’t exceed 5%, and is expected to be somewhere around 3.25%.
On a vote of 5 to 2, the Council approved the bond. Councilwoman Shirley Rose and Council Vice President Jim Westfall cast the pair of opposed votes.
Now that they have approval from the City Council, the RDC will revisit the issue at their meeting this Thursday at 9:00 a.m. A public hearing will take place at the beginning of that meeting.