They say insanity is doing the same thing time after time and expecting different results. We offer another.
"Citizen ignorance/lethargy" gives acceptance to rosy financial fantasies and outright lies, never asking any questions. (Aggravated by including so much of the media.)
Today's big front page story, with artwork, is headed "A project expands." It concerns, of course, another big real estate development on the near south side of - where else? - downtown Indianapolis.
The first phase of this particular project soaked up $86,000,000 in TIF tax money. We’re apparently expected to be delighted that the new effort will only get $15,000,000. The only thing worse about it is the procedure involved.
The fifth paragraph in the story tells us this. "The project will include $15 million in tax-increment financing which the Metropolitan Development Commission approved Oct. 21." (Our emphasis.) This a body of individuals, not elected, nor responsible to any legislative approval for this action. Their action is the action of the mayor who appoints them. No question or comment by the writer,
The spokesman for the developer also tells us this. "TIF has proven to be an effective tool at increasing the value of developing Downtown and reducing the need for (public money) (sic) in future projects."
Most of the downtown area is now part of a consolidated TIF district, beginning decades ago. That "increased value" has left the city in an ever deepening financial pit. Any new tax revenue resulting from those efforts has gone into the mayor’s slush fund for further largess to other developers - maybe for the new soccer stadium for which the new drumbeat started today on the front page of the IBJ?
The new mayor-elect spoke highly of the use of TIF revenues during his election campaign. He also, like so many of his predecessors, promised 150 more police officers. To our knowledge, thankfully, he never mentioned the two in the same breath. But, nor did he ever find any fault with the multi-million dollar subsidies of professional sports.
Get a firm hold on your wallet, friend!
Quick up-date - Our email to the mayor telling of this post was just rejected because we "didn't have permission to send it to him," Any suggestions for an appropriate answer?