Tonight's meeting of the City-County Council will take up one piece of the North of South deal and referenda for Franklin Township and Perry Township Schools will be introduced. A new proposal regarding library funding, will also be introduced and voted on tonight. The agenda is posted here.
Prop 247, 2010, would refinance the existing Harding Street TIF bonds, increasing their principle in order to repay an old loan from Eli Lilly that now amounts to about $15 million. This money has been part of the larger North of South deal. If that deal goes forward, Lilly would give the $15 million to the developer.
To be introduced tonight are Prop 14, 2011, and Prop 15, 2011, which are the public questions to be included on the May ballot in Franklin and Perry Townships, respectively. Both public questions would raise taxes for extra operating funds for the school districts. Franklin Township's taxes would rise by $0.75 for each $100 of assessed value. Perry Township's taxes would rise by $0.3078 for each $100 of assessed value. Both would have to be approved by the respective electorate in May, and both would last for the next 7 years.
Perry Township school district was also talking about a referendum on new building projects. I do not know if that has been dropped, delayed, or will be introduced at the next Council meeting.
To be both introduced and voted on tonight, is Prop 18, 2011. This proposal is a Council resolution, that "urges the General Assembly to permit the City-County Council to use County Option Income Tax revenues to fund the Indianapolis-Marion County Public Library".
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