Carmel could borrow $42m to address flooding issues

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  • Bob

    1. How are $42 million in bonds for infrastructure (sewers) any different from roundabouts? The council kept the roundabout bonds to $2 million each ($26 million total NOT including 96th & Keystone) so they wouldn’t enter a remonstrance period (short answer-most signatures win) or a referendum.
    2. The Rainwater tax brings in $3million/yr. The administrative costs leave about $2 million/yr. The bond payment on $42 million is roughly $3.5 million/yr. for 20 years at today’s interest rate (but the mayor can go as high as 6% interest).
    3. $1.1 million is going to be spent on Rangeline and Old Town but only an average of $360K each for 11 neighborhoods; neighborhoods (primarily in the center of Carmel) that literally have sewage back up in them with a moderate rain?
    But hey, Mr. Kimball said there was going to be ‘quick action’ on this issue (always a crisis-have to do it now). Hope the bond remains a ‘very safe and wise move for taxpayers’.

  • Robert E. Waring

    This has been going on for much longer than you think. The City has known about it. Homes are flooded with city sewers backup of up to 4 foot of raw sewage and NOTHING has been done to help these families that I”m aware of outside of lip service, just like this pathetic news propaganda.