$83,000 in Carmel Redevlopment Commission projects delayed by council

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  • Bob

    While, as expected, mayor supporters call this “politics at its lowest”, I believe it is both prudent and accountable for the council to make certain the CRC does in fact have funds to pay for it. The Council repeatedly asked if the CRC had the funds to pay this. The answer was always “It is budgeted.” Mr. Engleking finally, when asked if the money was in the bank, mumbled yes.
    But, it seems to me, looking at the CRC actuals to date as of 2/28/2014, they have appropriated exactly ZERO dollars for this (and they do not even begin accumulating funds to pay for these contracts until April).
    Given that the CRC’s own financial advisors (Umbaugh) project TIF will be down again in 2014 (by $3+million) and they have not put any money into a Contingency Reserve Fund to pay for any lawsuits (of which they have already lost one and don’t have the funds to pay for it until June/July and then only 1/3 of the settlement), the bigger question is not did the CRC approve the work; rather it is was the work done with no funds to pay for it? That, to me will make Carmel look ‘bad’ far, far worse than the council doing its due diligence.

    • Bruce Kimball

      Bob, I don’t know where you are getting your figures but Umbagh with the latest figures is showing a solid 4.5% growth in TIF revenues for 2014. It would have been higher but some lingering appeals just got settled from the previous recession.

      $100’s of millions of new projects are on the books or will be coming off the drawing board soon. Carmel has positioned itself not only to be a leader in Indiana but the Midwest for attracting jobs and employers while maintain a high quality of life.

      • Rick Smith

        “Matthes also noted during the committee meeting that projected TIF
        revenue from the Barrington of Carmel development will not be collected
        in the future and that a recent Indiana Department of Local Government
        Finance clarification of the TIF statute means that the city will eat
        about $1.5 million in losses from residential assessed valuation in TIF
        districts and record none of the corresponding gains – both things that
        will reduce TIF projections.”

        http://currentincarmel.com/carmel-looking-to-refinance-152-million-in-bonds

      • Bob

        First, it should be known you were the source of the quote that this was “politics at its lowest.” You are an ardent supporter of the mayor and that is fine. I prefer truth and facts.
        Second, I was in the room when the $16 million figure (down from the CRC “projected revenue”-per their own budget-of $19 million) was given by the representative from Umbaugh. You were not.
        Third, while any increase is more than welcome, where is there any evidence what you say is true?
        Fourth, just to put your reputed 4.5% TIF increase into context, the state of Indiana’s Per Capita Income rose 2+%, yet we fell from 30th to 38th in the nation. Housing prices are up 20% from their low. The point being an increase of 4.5% from 1 is a far, far different thing as the same increase starting from 2.

  • Rick Smith

    Councilor Sue Finkam said she thinks certain council members are just playing politics with the projects. She called their actions “damaging.”

    “I think it was either politically motivated or being really conservative,” she said.

    “When we delay these projects and we can’t get them done on time, it makes Carmel look bad.”
    —————————————————————————————————————————–
    This is an excerpt from the 1999 State of the City. Did the mayor make Carmel look bad by not executing City Center and the Museum on his initial optimistic time frame? How does the rest of what he claimed look a decade and a half later?

    “The plans for our largest partnership, Carmel’s City Center, have been developed during the past
    two years. This project, in its third year, will show a rapid increase in building activity.
    Our successful bidder for the residential section of the center, AMLI, came in forty-three percent (43%)
    above our bid request.

    They are not alone in their belief in this project. Several local developers are in discussions about the office and retail sections of the Center. And, earlier this year, I met representatives from the Gallery of French pre-Impressionist Art who are interested in housing their collection in the Museum building in City Center. In addition, we’re working on a plan that will get the Performing Arts Center underway in the year 2000.

    The success of the tax incremental financing, or TIF district, we created to build this project was
    based on the tax revenue from 700,000 additional square feet of commercial construction. We currently have more
    than 3 million square feet proposed. This is far more than we had envisioned being built in the
    next 10 years. As a result, this growth will allow us the opportunity to use the property tax revenue
    from these projects to begin construction on our Performing Arts Center and Museum years sooner
    than we had originally anticipated.”