In response to Jeff's request on the last blog post, here are some documents that I've uploaded onto Google Docs.
From DLGF - County Auditor's Certificate of Adjustment to the Based Assessed Valuation of TIF Districts - part 1
https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0BwdQpQK1GbNrYjUxZWE5YzMtY2IwNC00OWQ0LThhYmUtY2I0YmY4OTQ2ZjY0&hl=en_US
From DLGF - County Auditor's Certificate of Adjustment to the Based Assessed Valuation of TIF Districts - part 2
https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0BwdQpQK1GbNrNjMxZTdhMTAtYmRkNS00MDY4LWE5ZjktOWZkYjI2OGVlZDE2&hl=en_US
My summary of info from first two documents
https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0BwdQpQK1GbNrNTE0OTYxNzMtYjNkYS00MjdiLWE5NWQtNWY4NmUzMjJkYWY4&hl=en_US
TIF District revenue and debt service (obtained last year from City - Controller, as I remember)
https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0BwdQpQK1GbNrZDFkMTY4OTEtZDAwMC00ODk5LWI4ZmEtYzdkNTcyYzIxZTEw&hl=en_US&authkey=CLq1qPoB
TIF District fund balances (obtained last year from City - Controller, as I remember)
https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0BwdQpQK1GbNrZWU2YWFjOTEtOGE1MS00MmYyLWI0NDItM2Q4ZjZlNjIwNTZi&hl=en_US&authkey=COC3tr8I
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Today
8 hours ago
2 comments:
In this weeks IBJ is the following headline; "Indianapolis eyes TIF surplus to shore up city coffers". TIFs aren't petty cash funds, if there is excess dollars above the reserve pay off the bonds. When the city makes pronouncements about excess dollars everyone starts holding out their hands for their share of the pie as in the new tourism chief calling for a bigger budget. Isn't that where some of those "surplus" TIF funds went this year?
Last year the MDC voted for an annual payment of $8 million from the consolidated downtown TIF. It was to go to the CIB supposedly for the ICVA, which gets about that much from the CIB normally. This was merely a ruse to get an extra $8 m to the CIB so they could 'afford' to give $10 m more to the Pacers each year for 3 years, plus gussying up the Pacers' Palace for another $5 m. I think we taxpayers ended up buying a fancy new ribbon message board so that the Pacers could make even more money.
I agree with you, they should use any excess to pay of the bonds faster and get us out from under the TIFs.
At least the Council is moving forward to create some rules about TIFs. That is a major step forward for us taxpayers.
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