Thursday, June 11, 2009

MDC Public Hearing on TM Miller Enterprises Abatement

The Metropolitan Development Commission will hold its public hearing regarding a proposed abatement for 450 E. Market Street on July 1 - 1:00 pm in the Public Assembly Room of the City-County Building.

This is a continuation of the effort by the Ballard Administration to craft a complex deal with TM Miller Enterprises that would leave the City to pay the loan for the acquisition of both the 450 E. Market site and the garage just north of it. The proposed abatement would be for 10 years and amount to about $6.7 M. In a twist, TM Miller Enterprises would return the abated taxes plus $100,000 per year to purchase 600 spaces of the 1677 space garage.

A number of citizens spoke against the purchase of the garage during public comments before the MDC on June 3rd.

I am still awaiting information from the City regarding their authority to use future market value instead of current fair market value of the garage in determining the fiscal propriety of the purchase. In addition, I still await information from the City regarding their authority to make the purchase while avoiding the requirement of a public hearing on the purchase AND review by the City-County Council.

Although the abatement is the central feature that makes the whole deal work, it is not yet finalized and cannot be finalized until the public has had a chance to give input. That, as mentioned above, is set for July 1 at this time.

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