Surely you jest. Our neighbors to the north are seemingly our wealthiest suburb. They also appear to be fairly easily separated from their money. At least they continue to elect a mayor who pretty well leads the pack in central Indiana in spending public money for the "finer things of life ." Barring our own spendthrift, of course.
When an "upscale" department store locates a store nearly 90 blocks closer to them, with identical merchandise and pricing, most people will not drive past the new store. Is there really anybody downtown who did not see the Nordstrom situation coming?
Our expertise in retailing rests in the ability to be able to find, most times, a store carrying the goods we need at a price we’re willing to pay. But discussions over the years with our "better half" have frequently included speculation as to how long Nordstrom would compete with itself.
Downtown promoters are already talking about what a tremendous "opportunity" this is rather than an economic blow. Maybe so, but it surely is the right time to review all facets of the operation of the mall.
The story in the paper reminds us that the city owns the land under the mall. Need we be further reminded that this means two full city blocks of the most valuable urban land in the city - or possibly the state - is not on the property tax rolls. The buildings are on the rolls, with Simon being the major "stockholder." But with all the secret deals and the use of TIF rules, we have no way of knowing how close the tax bill is to reality
The story also tells us that "Tax revenue generated (2010)" was $13.7 million. We are not told how much of that figure comes from property taxes, nor are we told what portion of property tax revenues actually go toward ordinary municipal expenses, and how much of it is being "stockpiled" in the Indianapolis Bond Bank to be shoveled out to the next favored corporation who demands a TIF setup.
A spokesman for the mayor says, "...it’s too early to say whether the city would offer economic incentives [read ‘bribes’] to bring a replacement tenant...." [Our addition.]
It is way past time for a complete, independent audit of what the mall has actually meant to the city financially. Is there no one with any authority downtown who is willing to tell the citizens of Indianapolis what’s really going on?
Probably not. How could we expect that when we can’t get basic information about the poor, pitiful, permanently poverty prone Pacers’ pecuniary problems!
it IS a great economic opportunity. If you are a consultant, advisor, law firm, co-ordinator, CPA, facilitator, etc.there may be a lot of money to be made. Shopclerks, taxpayers, average folks, etc. - not so much.
Posted by: J. England | May 28, 2011 at 12:00 PM
No surprise here. Despite what they say, I assumed they intended to close this store when they opened the Keystone at the Crossing store - as soon as their lease expired.
Posted by: Larry Williams | May 28, 2011 at 10:59 PM