City Bought Parking Garage - In July !

I must have been snoozing, but, back on July 19, 2010, the City of Indianapolis purchased the parking garage at 101 N. New Jersey Street. This from records on the County Assessor's website.

The reason this is important, is because this garage factored heavily in a really bad deal proposed by the Ballard Administration and Tadd Miller Enterprises, that was passed by the MDC over a year ago. (see "Dramatic Week for 450 E. Market Street (Bad) Deal" from October 9, 2009). The crux of that deal was to purchase the parking garage from Tadd Miller Enterprises for $18 million after that company purchased the parking garage and an entire city block across the street for that same amount, give the company a sweet deal to operate and use parking spaces for free, and abate Tadd Miller Enterprises and funnel that money into repayment of the bonds the city would use to purchase the garage.

The Assessor's records show that the garage (101 N. New Jersey Street), had a 2009 gross assessed value of $10.5 m, and a 2010 gross assessed value of $12 m. The owner is listed as "INDPLS, CITY OF DEPARTMENT OF METROPOLITAN DEVELOPMENT" and to have been the owner since July 19, 2010. I looked online for past Metropolitan Development Commission agendas to see when they approved this purchase, but only December's agenda is posted at this point. I have requested the resolution and any appraisals substantiating the purchase price. I will post an update once those records are provided.

The Assessor's records also show that the block across the street (450 E. Market Street), was purchased on exactly the same day, by Market Square Garage Ops Partners, LLC. The 2009 and 2010 gross assessed value of that property is shown as $3 m.

What surprises me the most is that I asked frequently for a copy of the final agreement between the City and Tadd Miller Enterprises and have been consistently told that 'the deal has not been finalize'. As coincidence happens, I actually last asked Maury Plambeck, Director of the Department of Metropolitan Development on July 29, 2010, "Has the deal with TM Miller Enterprises concerning 450 E. Market Street been finalized? If so, could I please get a copy of the agreement?" Plambeck's response that same day was "Pat, The deal has not been finalized. I'll remember that you want a copy, if and when an agreement is reached. Maury". Trusting Plambeck as I did, I stopped requesting the information.

It hasn't only been me who has been inquiring as to the status of the deal. I know that some reporters have tried to stay on top of it. I either snoozed through their articles on the City's purchase, or they, too, have missed this important development.

And, last but certainly not least, is that during the presentation on the proposed North of South deal to the Metropolitan Development Commission's, Economic Development committee, Commissioner Jim Curtis specifically asked how that deal was coming. He was told that there were still ongoing negotiations.

This is yet another example of Mayor Ballard's brand of "transparency". A bad deal gets morphed into a deal that is entirely invisible to the public.