The city council passed the tax anticipation loan with a new three-year repayment plan at Thursday evening's meeting.
Terre Haute Mayor Duke Bennett is proposing a $5 million tax anticipation loan to cover costs while the city waits for more taxes to come in.
The YMCA is about $2 million short of its $10.2 million goal to build the facility, but a loan is covering the cost of construction.
The Speedway would receive $5 million a year for proposed improvements, to be repaid through the anticipated increase in income and sales tax collections.
Indiana Public Interest Research Group says each student would save more than $900 in loan costs for each year they are in school.
The average student at IU graduates with $16,000 of debt, according to an IU report.