We realize our title is Indy Tax Dollars, but we’re writing this post about Fishers. Today’s paper carries an extensive story which we feel relates to the very subject about which we wrote just yesterday.
We’re surprised, and disappointed, that our brand new city neighbor to the north is apparently headed down the same questionable public finance route Indianapolis has been following. We’re writing now about 3 of 5 projects discussed in the morning paper.
The article carries specific information about "development" projects to which Fishers will contribute, telling us right up front that the TIF designated will not cover the cost to the city.
With reference to our post of 24 hours ago, we are told today, "Fishers will plug the gap using commercial tax revenue from other developments within the area." (Our emphasis.) We found it interesting that this specific sentence occurs in each of the 3 individual project reports.
We have no idea of what is meant by the words "commercial tax revenue" but it sounds suspiciously like the kind of proposition we wrote about yesterday. All 3 of the projects will offer retail and/or office space. Will their competitors across the street be footing the bill?
Fishers will waive about $3 million in sewer, road and bridge fees while "contributing land" of indeterminate value. The direct contributions, totaling about $27 million will go to "...build a ___ space parking garage and other infrastructure." (Again, our emphasis, and again, the identical language, except for the number of spaces, appears in all 3 project discussions.)
We can’t help but include the fact that the 3 parking garages will offer a total of more than 1,000 spaces. We have no information about their proximity to the express bus stop which is going to take automobiles off the road!