City of Carmel Bails out Carmel Redevelopment Commission

9 Aug

The Indianapolis Star today has an interesting article summarizing a situation in Carmel that has been going on for several months now:

In short, primarily because of cost overruns on the construction of the Carmel City Center (think Palladium), which is funded by the tax increment in a TIF district, the Carmel Redevelopment Commission has gotten into a situation in which it doesn’t have any income left for further redevelopment after its debt service payments are made.  The City of Carmel is essentially agreeing to bail the Redevelopment Commission out by refinancing its debt. The savings through lower interest rates will either allow the debt to be paid down faster or will allow additional revenue to complete the development. In exchange for the bailout, the City Council will be asserting greater control over future debt of the Redevelopment Commission.

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One Response to “City of Carmel Bails out Carmel Redevelopment Commission”

Trackbacks/Pingbacks

  1. TIF Controversies « in53 – MoCoGov - September 3, 2012

    […] posted before on the City of Carmel bailout of the Carmel Redevelopment Commission, where the Carmel City Center TIF district became overextended to the point where it could only […]

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