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Here’s what you can do when you file bankruptcy, wipe out your retail investors and start from scratch. Imagine, filing bankruptcy then coming out and then spending this kind of money. Crazy.
You mean like the Trump Organization has done multiple times? It’s standard operating procedure and a necessary evil. But there should be a law that when a company does that all Board and Executive Committee members lose their jobs with no severances.
This is a good thing in the long run for the entire Indy metro area.The business tactics used here to file bankruptcy on retail and invest in a totally different kind of business is business 101.This is exactly how continue to have positive economic growth and this is the same business blueprint used in most major metro areas across the country.Indy is just playing catch up!
The retail space in that center became blighted after Mayor Brainard decided there would be no US 31 connection there.
A $50M TIF gives them 25% of the value of the $200 M project upfront. Unless the employees live in Carmel we don’t get any tax money from their wages. However the economic gain will be from what employees and business spend in Carmel. The property will be reassessed as just land after the demolition so the TIF increment will be maximized. This will result in Carmel’s general fund getting less than it does now for the next 25 years. Republic got a great deal and I don’t blame them for taking it. We will have to see how things play out for Carmel taxpayer who will have to make up for the decrease in the general fund after the demolition when the base assessed value will be less than it is now.
No way the structures add up to $200 million. Carmel is including the cost of the simulators and other furnishings to reach that level of spending. Also, a lot of the payroll will be going to employees who live in Indianapolis or other suburbs north of 96th Street. In the end, Carmel doesn’t benefit as much as it wants us to believe.
It seems as though Carmel no longer feels like it is a suburb of Indianapolis, but rather a standalone destination. First they build a gaudy opera house to try and compete with Indianapolis concert venues, (unsuccessfully by the way). Then they move into the boutique hotel business to try and attract guests who would normally stay in downtown Indy. Now they entice a company to move its headquarters from Indy to Carmel with $50 million worth of corporate welfare.
Shameful and probably another bad business proposition for the City of Carmel. The airline business is volatile and Republic went bankrupt only five years ago.