I just got a copy of the MDC / CIB Interlocal Cooperation Agreement that commits $8 million a year from the Consolidated Downtown TIF to the uses of the CIB. While the Indianapolis Convention & Visitors Association is mentioned liberally, it is clearly a straw dog created to validate the $8 million price tag. It was approved by the Metropolitan Development Commission at their September 1, 2010, meeting.
I uploaded the agreement [edited to add page 5, which is missing from the other document] , if you care to review it. The terms of the agreement begin on page 7. Briefly, the agreement is for $8 million annually to be provided to the CIB, and requires 6 months notice or the agreement will automatically renew year to year.
While the stated purpose of the agreement is "to protect, further, increase and enhance the benefits that result from the operation of the Facilities and the activities of the ICVA", the agreement specifically states that the ICVA is not a third party beneficiary of the agreement.
With this agreement, property tax dollars are now flowing to the CIB. These are new dollars. They amount to $8 million per year on an ongoing basis. The only new expenses of the CIB are the operation of the expanded convention center and the $10 million cash gift to the Pacers. It is completely reasonable to connect these dots and see property tax dollars flowing from the City of Indianapolis to the Pacers.
These property tax dollars could be used to pay off the bond obligations of the TIF district early, or to promote $8 million in new projects. Such a project could even include upgrading parking meters in the downtown area.
But, no. The Pacers are given higher priority by Mayor Ballard, than being fiscally responsible in paying off debt, or fiscally responsible in crafting an upgrade to the parking meter project, or underwriting some other deserving project in the downtown area that would actually make Indianapolis a better place to live. The Council should reject the $10 million gift in the 2011 CIB budget and let the CIB and MDC unwind this agreement.
Tuesday, September 14, 2010
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12 comments:
Pat, The link to the interlocal agreement is not working.
Try it now, please.
Page 5 of the agreement seems to be missing.
Good catch, Gary. I blew right by that. I'll ask after page 5.
Thanks.
I added page 5 to the post.
Thanks again, Gary.
"The Council should reject the $10 million gift in the 2011 CIB budget and let the CIB and MDC unwind this agreement."
Council won't do a thing. A lot of them don't have a clue and many others don't want to have clue. They like their perks just as much as the administration does.
FYI
When CIB gave the Pacers $30 million for operating costs, they also gave the entire city parking garage next to Conseco Fieldhouse for $1 DOLLAR a year.
CIB Summary of Recent Pacers Deal
http://www.capitalimprovementboard.org/aboutus/pressrelease/2%20Interim%20Bridge%20Agreement_Summary.pdf
Listen to City County Councilmen Mike Speedy and cheerleader Greg Garrision get beat up on the misguided ACS parking deal.
Scroll down to September 13th under "Garrision Audio"
http://www.wibc.com/audio/archives.aspx
Property owners should consider filing "unspecified liens," several thousand of them, on these sports facilities they own...
The frustration is spreading and the uprising has begun. The Put Communities First Campaign will be having an action at the Monday, September 27th meeting of the Municipal Corporations committee where the library budget will be heard, that includes laying off 40 workers. Our elected officials need to get their priorities in order and stop giving millions of dollars away to profitable, million dollar corporations when needed services and neighborhoods are being neglected. The information you provide on this blog is powerful to this campaign!
no new postings in a while??
anon 6:06 -- sometimes there are simply too many things on one's plate. That has been the fact of the matter of late.
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