Carmel City Council approves $669K for ‘unanticipated’ expenses

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  • Adam for clarification is the augmentation chiller part of the Energy Center?

    Half of these unanticipated expenses are due to the Energy Center. How can we call these unanticipated?

    This is ludicrous.

    Here is video of Mr. Engleking explaining the need for $300,000 for “unanticipated expenses” in November of 2014. I believe a similar request was made in 2015.

  • Someone explain the Energy Center to me please.

    Complex as a submarine and as straight forward and understandable as Enron’s finances.

    We obviously can’t run it under plan so the obvious solution? Build another one!

    CRC looks at energy center for Midtown area
    BY ADAM AASEN · APRIL 7, 2015

  • Energy Center December 2010

    Carmel sells energy center only to buy it back
    Written by Chris Sikich
    CARMEL, Ind. — The preparations for the
    heating and cooling of the new Palladium
    concert hall have resulted in some
    elaborate financial arrangements to keep
    money flowing into Carmel.
    With little more than a month to go before
    opening week Jan. 22-30, Mayor Jim
    Brainard said the Carmel Redevelopment
    Commission has sold the $7.7 million
    energy center it built to serve The Center
    for the Performing Arts.
    The mayor-controlled commission — it’s
    the group charged with the city’s massive
    redevelopment — will buy back the center
    over nearly 25 years for $16.3 million, the
    same amount for which the commission is
    selling it. The city will continue to operate
    the center through a limited liability
    company, and it will receive the money
    from utility bills paid by customers.
    So why sell the energy center?
    In the short term, it means a large cash
    infusion. The financially strapped
    commission can stay solvent by using both
    the money from the sale and utility bills
    paid by tenants.
    Ball State University economist Michael
    Hicks said selling it is an innovative idea
    that could create revenue.
    “It looks different enough that it would give
    you pause,” he said of the deal, “but it
    would be difficult (for a government) to do
    something like this that would be
    While it flushes the commission with money
    now, City Council members worry it’s just
    more long-term debt added to already
    mounting obligations — and though the
    deal provides cash up front, it more than
    doubles the debt the city owes for the
    energy center.
    “This is just more debt that has been