The CIB engages in cycles where it says -
we're going broke, give us more taxes
thanks, now we're okay
wow ! we've got more money than we need ! let's throw some away !
we're going broke, give us more taxes......
We're Going BrokeThe latest cycle began in 2012 when the CIB said they couldn't spare a dime to help fund public safety. They had debts coming due for which there was no money. You'll recall the drama played out with the CIB, the Mayor, and the Democrats on the Council back when Brian Mahern was VP. The Council voted to tap the CIB for a $15 M payment in lieu of taxes.
Here's what I wrote about the contentious Council Muni Corp Committee meeting at the time:
On the actual meat of the reasons for this PILOT, Councillor Brian Mahern kept bringing it back to the fact that the Mayor's proposed budget would let police and fire numbers drop even further. He said there are already 100 fewer police than at the time of the merger and by not holding recruit classes, the numbers would drop even further. He noted as well, that the CIB relies heavily upon IFD and IMPD services for the many events that are held in their facilities.
While Councillor Lutz primarily discussed the legal aspects, Councillor Cardwell brought up all the trickle down taxes that he said were due to the CIB, indicating that was more than enough help to the City.
Ann Lathrop mentioned "I feel your pain" and later said she had a fiduciary responsibility to the CIB "not to run it into bankruptcy". Oh pah-leez on both counts.
Thanks, Now We're Okay
Wow ! We've Got More Money Than We Need ! Let's Throw Some Away !Fast forward to yesterday when the CIB board voted 4-2 to throw away $5 M on the IUPUI Natatorium project. Yes, folks, the CIB had more money than it needed. Go figure.
Councillor Lewis, who sits on the Board, was one of the two NO votes.
We're Broke, Give Us More TaxesJust wait, its coming. This pattern is the same one we have seen play out over and over and over again.
Some might accuse the CIB and its President, Ann Lathrop, of simply and continually lying about the true state of finances of the CIB. Me, I think the organization is just manic-depressive. But, I could be wrong.