Not exactly Indy...

...but close enough, considering the subject matter.

Apparently our northern neighbor has been paying attention to the fiscal shenanigans of our politicians.  The issue of the IBJ which hit our mailbox today details for us how the mayor of Carmel is using that city’s TIF money as a slush fund.

The difference is that he seems to be doing it quite openly.  The city will subsidize the performing arts center to the tune of $5.5 million.  We’re told "...the money will come from a private entity that’s supported by tax-increment financing revenue, rather than the city’s general fund."  (Our emphasis.)

 The plan calls for the redevelopment commission to give "extra TIF money" to a separate organization, the above referenced "private entity" which was "...established to carry out various redevelopment projects."  This "private entity" is further identified as acting "...like an arm of the city’s redevelopment commission, and will "make grants to the performing arts center."  (Our emphasis.)

We have a little trouble with the idea that subsidy of operating cost for a multi-million dollar theater complex falls into any category of "redevelopment projects."  But then, what do we know?  The towering new, downtown Marriott hotel drew such funds because the area surrounded by the Eiteljorg Museum, the state office building, the Indianapolis zoo and a brand new baseball park was so ramshackle and seedy that it needed "redevelopment."

The "extra TIF money" is apparently a kind of duplication of our local operation where, instead of using the funds as provided my law, they are hoarded in the Bond Bank until an anointed project calls for their release.  (A member of the Carmel city council thinks this move is "absolutely logical."  Just like our City-County Council!)

This creative accounting, which permits the most imaginative interpretation of the law, has apparently met the approval of the judicial system.  Is the codification of The Night Before Christmas next?  We could go a little farther north of Carmel and redevelop the antique North Pole workshop - financed with TIF funds, naturally.

Comments

[Leslie Baker]

Monkey see, monkey do!

[guy77money]

I don't agree with the using the tiff funds to subsidize public enertainment. That being said at least Carmel is getting alot more bang for their buck then Indy is in sports facilities. I suspect a larger number of patrons are eating out before and after the concerts. Throw in people staying a night in the Carmel hotels and doing some shopping I suspect they are getting back some of that tax money. I would suspect there is a lot more money being spent then at 8 Colts games.