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You need to correct Uptown Brewing to Union Brewing. Thanks. – Mug Club Member
Looks like all those businesses are getting displaced.
I get it but Carmel loses a little bit of the soul it had left with the loss of Union Brewing. Now where can you get old vacuum cleaner parts and a massage?
Out of all places in Indiana can someone explain why this project deserves, needs, requires TIF bonds? Why is development always tied to these bonds?
Jaron- Construction costs are likely too high for it to be profitable without. Development is too risky to operate near charity level.
Tax Increment Financing (TIF) is based on the theory that development can pay for itself. The basic idea is that public investment in an area, often in the form of infrastructure, induces property value growth which increases property tax revenue. The revenue increase is, in turn, used to pay for the initial investment. This results in TIF being labeled as “self-financing,” due to the use of future revenue to pay current costs. It’s the incremental increase in the tax revenue from the development that is used. Think of it as an investment from the city that eventually creates a positive return (increase) in revenue to Carmel. It’s not a “gift” to the developer.
Not only are we giving the developer $18M in TIF ie no property taxes for 20 years but there is also another $63M city bond being proposed. This one is for a few projects one of which is Monon Center infrastructure improvements. The kicker is the bond states it’s to be paid solely by a Special Benefits Tax levied on all property in Carmel. Residential property owners directly subsidizing the developer. The flurry of spending before Jim and gang bail is ramping up
I’m all for redeveloping empty strip malls. But this strip mall was packed with busy local businesses prior to the city’s purchase. And it only emptied out as the city forced them out.
Honestly Carmel doesn’t care about small business unless you are on the approved list of Brainard donors.
Short term pain, long term benefits.
If you ever visit Nashville, Kansas City MO, Columbus Ohio, Cincinnati’s over the Rhine and even much larger cities like, Atlanta, Houston and Charlotte, they’re all doing developments like this and they pay for them with TIF and tax payers money ect. Indy is keeping up with a national trend. Its always funny to see Hoosiers visits these other cities to then come back home bragging about how beautiful that city. was, even when Indy is offering the same amenities
Everything looks/feels the same. It is like living in a neighborhood with only 3-4 different elevations/floor plans. There is such an opportunity with this great piece of property due to its central location to the downtown, main drag (Rangeline Road), and the Monon Trail where something really really interesting and special could have been done. This could have been Mayor Brainard’s final legacy – but just not enough creativity!