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Carmel council approves refinancing package

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Carmel’s City Council on Monday night voted 7-0 to approve a proposal to refinance $195 million in debt incurred by the Carmel Redevelopment Commission.

The debt re-issue would free up millions of dollars for further development of the massive City Center project.

The refinancing package comes after Mayor James Brainard agreed this spring to give the council oversight of future debt obligations by the Carmel Redevelopment Commission.

The commission had rung up about $140 million of debt without council approval but this year began to find its revenue streams stretched thin. With the city’s backing, the commission can refinance debt on which it’s paying 6 percent to 9 percent interest.

Brainard said he expects the refinancing to free up from $10 million to $17 million, depending on the final interest rates.

The redevelopment commission has about $240 million in debt, but not all of it is included in the package considered by the council. The $195 million would cover refinancing-related fees and a list of 20 obligations entered into since late 2008.
 

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  1. Those of you yelling to deport them all should at least understand that the law allows minors (if not from a bordering country) to argue for asylum. If you don't like the law, you can petition Congress to change it. But you can't blindly scream that they all need to be deported now, unless you want your government to just decide which laws to follow and which to ignore.

  2. 52,000 children in a country with a population of nearly 300 million is decimal dust or a nano-amount of people that can be easily absorbed. In addition, the flow of children from central American countries is decreasing. BL - the country can easily absorb these children while at the same time trying to discourage more children from coming. There is tension between economic concerns and the values of Judeo-Christian believers. But, I cannot see how the economic argument can stand up against the values of the believers, which most people in this country espouse (but perhaps don't practice). The Governor, who is an alleged religious man and a family man, seems to favor the economic argument; I do not see how his position is tenable under the circumstances. Yes, this is a complicated situation made worse by politics but....these are helpless children without parents and many want to simply "ship" them back to who knows where. Where are our Hoosier hearts? I thought the term Hoosier was synonymous with hospitable.

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