Opinion: Why should you care about The Legacy project TIF debacle?

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  • Rick Smith

    “So why did Hammer not remember? Why did he tell Finkam that no taxes had been generated when more than $1 million in tax revenue had gone into the CRC’s coffers?

    Because they spent it.”


    In Mr Hammers defense they spent 100’s of millions of dollars. I could see a million here or there being overlooked. As it was demonstrated in the State Board of Accounts audit of the CRC for 2012 they are quite literally out of control.

    While we are looking for missing money someone explain to me why nearly $1 million/year is supposed to be set back for the cumulative capital sewer fund. It is my understanding it hasn’t been funded for 5 years? According to Umbaugh in 2010 current TIF was adequate to meet our needs through 2023. Clearly there has been gross mismanagement at both the Executive and the Commission level of both TIF and Tax dollars.


    The truth seems to be elusive for those seeking to hold the Administration accountable.

    My final question is why is Councillor Snyder bringing this up and not Councillor Finkam? Mrs Finkam was lied to and did/said nothing to bring it to the attention of the citizens and constituents?

    It ALL matters!

  • Greg Gossard

    It’s important to remember that while the greater Legacy Development was in limbo, the apartments, constructed and managed by the JC Hart Corporation, were a stable and reliable source of TIF revenue. Given that, the CRC clearly violated the spirit and terms of the original agreement with Pittman Development and the City Council regarding the use of TIF revenue. Talk about government run amok! May I ask, how was that TIF money spent?

  • Bruce Kimball

    I believe the CRC has transferred $1 million plus each of the last two years to Carmel’s General Fund

    Like every city, the Great Recession took a hit on city revenues. The good news Carmel is seeing a rebound in realestate and revenues. $100’s of millions in new quality projects are on the board

    3500 new Jobs last year, a host of new corporate offices, and the city being rated #1 by Money Magazine. Property taxes and utilty rates are some of the lowest in the state.

    I would ask Councilor Snyder what city is doing better in building for the future?

    • Rick Smith

      Yes they have transferred funds to the General Fund. The circumstances are always suspect but were particularly thorny with this years transfer. Brainard discusses $1.5 million deposit from 5:20 pm on same day.!?