Saturday, February 5, 2011

No-So Passes Out of Committee - Council Agenda For Monday Night

Yesterday afternoon, with a ten minute committee meeting, the members of the Council Economic Development committee first amended, then voted to move Prop 292 to the Council with a do-pass recommendation. The amendment limited the interest rate to 6.5%, requires Council review should the project be substantially changed, and a couple technical points. This proposal would allow Mayor Ballard to float $98 million in bonds and use the money to fund development just north of Eli Lilly's headquarters - a project that could not qualify for a bank loan. Property tax revenues from the consolidated downtown TIF district would be used to secure the bonds. I could not hear the voting by the committee members, so I do not know the final vote.

Monday night's full Council meeting agenda includes Prop 292. The final committee vote is left blank. Two other proposals also are listed with blank final committee votes. The Rules committee will meet Monday night at 5:15 pm in room 260 to consider Prop 14 and Prop 15, which would certify referenda questions for Franklin and Perry Township School Districts, respectively.

Also on the agenda is Prop 18, which is a Council resolution in favor of State legislation to allow County Option Income Tax revenues to be allocated to the Indianapolis Marion County Public Library. This proposal passed out of the Municipal Corporations committee by a 6-0 vote.


Anonymous said...

Pay any attention to the bond market lately? Some would ask "what market"? Economic development assumes a market. Where is the market for these bonds, who are the targeted buyers? Or is this short term money printing?

Paul K. Ogden said...

Pat, I listened to the recording. I didn't hear any "no" votes.

McQuillen moved it. Cardwell said there was a "second" but I didn't hear it. Maybe Cardwell seconded it. It was so greased though of course it was going to make it out of committee.