Carmel City Council considers $4.5M installment-purchase contract for Monon and Main garage

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  • Mark

    Curious, why is the city wanting to pay for another garage when they are already paying for another one 2 blocks away? This will mean the city/taxpayers have paid for 4 parking garages, each a block away from each other.

    Sophia Square
    Lazarra
    Carmel Design Center
    Allied Solutions

  • Went back to my notes on the 2012 bailout debts to be refinanced.

    Debt #1 out of 20 that were “Restructured” was an Installment Purchase Contract to Regions for $16,667,601 (10% of the total Bailout amount). What you might wonder was what was the IPC for?
    *”Collateral/Project … VFW, Parcel 7C Garage.”
    This was the start of Bailout 1.0

    The last IPC in the Bailout was Debt #17 of 20 to BMO Harris. The date of this transaction was 12/7/2011. It was for:
    *”Phase 1 Parking Facilities; and various parcels.” The IPC was for $17,000,000 (10% of the total Bailout amount).
    The other involved entities in the last IPC that was the back-breaker for our debt was Pedcor!

    By the date of the last IPC the city KNEW we were insolvent at current debt levels. Indeed talks with City Council began in early 2012, RIGHT AFTER THE MAYOR TOOK OFFICE for his 4th term, discussing the dilemma we were in financially.

    So excuse me if I don’t BUY that the SPECIAL BENEFITS TAX is ONLY being implemented for a better interest rate. The first IPC was at a 4.58% rate and required NO SBT backing. The last IPC was at 3.04% AGAIN WITHOUT BACKING OF A SPECIAL BENEFITS TAX!

    Tell me again WHY is it being backed by a Special Benefit Tax? You’re first excuse for SBT does not hold water!

    What was the conclusion of our experts that helped us through the Bailout?

    First and last page of Frost, Brown, Todd analysis posted below:

    https://uploads.disquscdn.com/images/c74699de7c5eea0ad4c87edd0aa06d6bdfc430eabedb9224d7b659b3f83e81e9.jpg

    https://uploads.disquscdn.com/images/94e61068ea6a0592ba2bd0c4137400dae229f65a26c51e4cb04e9093896a338e.png

  • Eight days before the Republican primary on May 5, Carmel City Council President Rick Sharp was briefed on an unflattering audit of city finances he believed could have boosted his ultimately unsuccessful bid for mayor….
    http://www.indystar.com/story/behind-closed-doors/2015/06/04/sharp-receives-gag-order-on-carmel-audit-before-election/28422739/

    On the very day Rick was given the Gag Order based on the IndyStar document Mayor Brainard posted the following LIE: https://uploads.disquscdn.com/images/ad4675f3ae27ef9b07070cf4d9e751dae674f3365df9ca18cd75d59777477f24.jpg

    You did have a Tax Increase in 2016 as Rick stated and the Mayor denied. Indeed he called those of us that told the truth Extremists.
    https://uploads.disquscdn.com/images/38f974e02714950b451912f890bc10a4231f6b8dfca5e31aec361906596727cf.jpg

    Fool me once, shame on YOU Fool me TWICE?

    You have been FOOLED Twice so far. Tired of it yet?

    • Eric Morris

      I love how the IndyStar article talks about 38 TIF zones. I favor TIFs in the sense they could be mini-zones of secession, except the residents freeload off the rest of us (schools, parks, library funds diverted to TIF) and are backed by the Carmelites anyway. Maybe we Home Placers are not the real freeloaders? Annex (i.e. end) the TIFs instead!

      • Questions

        Eric, you have obviously no understanding on how tax incremental financing works. Educate yourself before blathering publicly. It makes you look very uninformed.

        • Eric Morris

          I use my name. Educate away. Are there not residents in these mixed-use development or purely residential subdivisions? Do they not utilize government services? Would the amounts going to fund the TIF instead not go to other government entities like schools, parks, police, fire, and library? Are you a consultant for TIFs? Are you a beneficiary? Are you are a politician? Is blathering not acceptable or saying it mean-spirited and meant to stifle discussion?

          http://www.ibj.com/articles/57112-study-tif-districts-divert-320m-annually-from-local-needs-in-indiana

          • Questions

            Tax incremental financing doesn’t divert taxes from taxing district. The current level of property taxes paid from the base assessed value still goes to the taxing authorities. The development financed by TIF increases in assessed value from the development. This additional assessed value (incremental) pays off the financing. One the financing is paid off all tax goes to the various taxes districts. Additional tax that otherwise would never have been available if the development didn’t increase the assessed value. Apartments are very lucrative, expecially for parks as each unit (each apartment) pays a park impact fee vs only one building paying a park impact fee. Density costs less to provide infrastructure thus mixed use developments reduce costs. Increased assessed value plus decreased cost equals higher net tax revenue. This information is readily available to those who wish to understand community development and the tools available for development. Why did you recently move here if you complain about everything? You have way to much time on your hands.

            I’m neither of the above, just a longtime resident/someone who chooses to educate himself on the issues vs. hysterically complain on public blogs with little to no knowledge on the subject. Your comment on another article about rezoning your property and getting TIF just shows how little you know about the subject.

          • Eric Morris

            Maybe you’re not understanding my comment about my own personal TIF says you don’t understand satire or that I presented it as such poorly. I have read the law. Despite my attendance at government schools though law school, I even know what the word “increment” means. I understand the intent of TIFs. That’s why I somewhat support them: they are in essence partial and supposedly temporary secession from the otherwise established political order and boundaries. I wish everyone could keep 100% of their incremental production, though I wish it went straight into their pocket rather than having to pass-through the (re)development commissions. In parens because we all know that much of this development is new, not re, and would happen anyway. I appreciate that someone is willing to discuss.

          • Eric Morris

            Oh, I have plenty of time on my hands because people are smart enough not to keep me employed. I am sorry, but that is often the contrarian’s (and whistleblower’s) lot.

          • Questions (Great Name) – in fact a hilarious use of a name as you pose like the Shell Oil answer man but sound more like the Shell Game Answer Man.

            You have a total of 4 posts a Private biography and use a fake name.

            You also obviously have no idea what you are talking about in regard to TIF’s in Carmel. First and foremost is the City nearly always sets the value of the land at $0.00 as if it had no value
            prior to the TIF. This lets the city skim 100% of the funding into the TIF.

            Here is a link to TIF info that is not wrong or misleading. It shows how TIF does take away from other entities when it is misused as it is here in Carmel.

            “Inappropriate Uses of TIF
            What if the development would have happened anyway, without the TIF district or the infrastructure that the TIF taxes
            financed? In such a case, the county and school district would have collected revenue from the added assessed value of
            this development. The added assessed value would have reduced the property tax rates required to raise property tax
            revenue as well. In this scenario TIF would divert revenue to the unit that established the district, and existing taxpayers
            would not see the tax rate reductions that would have occurred if assessed value had grown faster than property tax
            levies. Perhaps the TIF revenue would pay added infrastructure costs, but in this case the added infrastructure would
            not be needed for the business investment to occur. The county, school district and other overlapping units would receive
            no added revenue, yet would bear the costs of the development, such as added public safety costs or increased school
            enrollment.”
            Read the full report at: https://pcrd.purdue.edu/ruralindianastats/downloads/The-Use-of-Tax-Increment-Finance.pdf

            Another excellent source of info on Hamilton County TIF misuse is :
            https://www.facebook.com/TaxIncrementFinance/posts/1249553415135590?match=dGF4IGluY3JlbWVudCBmaW5hbmNlIHRpZiBwb2xpY3kgaW4gaGFtaWx0b24gY291bnR5IGluZGlhbmEsdGF4IGluY3JlbWVudCBmaW5hbmNlLnBkZix0YXggaW5jcmVtZW50IGZpbmFuY2UsdGlmIGluIGluZGlhbmE%3D

            Questions I must say you are full of it enough to be a member of our City Council. Are you by chance a City Councilor?

            Come out of your closet – who are you?