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It’s cool the US defeated the fascists in WWII, the commies in the Cold War, yet all I read in this paper are about “businessmen” getting government funds. I hope Mike Braun’s property tax reform lowers property taxes for all and helps get rid of these insane arrangements.
These subsides are ingrained in the fabric of most cities that have a major league sports team and Indy is no exception. Mike Braun isn’t going to change that even if he wanted to, (which he likely doesn’t).
This isn’t about property taxes. It’s about milking as much from the cash cow as you can to reduce the amount you actually pay for the development that will make you richer down the road.
Simply put, it’s socializing the losses and privatizing the profits.
Weighing? Ha! Since the process takes time and has to go through the approval process, weighing is actually waiting. We all know this will be approved, and why shouldn’t it be.? The Boxcar team are all very smart folks, and very wealthy, and very connected, and very successful. Not sure how the ‘forgivable’ part has any relevance in a small loan when a larger amount is TIF financed?
I so agree with Nancy H. Well put.
Many cities are revisting the TIF approach to development. They are beginning to realize that what was meant to help stimulate growth in “blighted” areas is being abused by developers and city planners to build massive “mixed use” developments in areas that are already gentrified. Once it starts a developer won’t build a project unless they get TIF dollars to help fund the infrastructure for the project.
“a $25 million forgivable loan”
If it is not repaid, it is corporate welfare!
Remove “Boxcar” and replace with “Simon Property Group” everywhere in this article, time travel back to September 1991 and let me know how it’s worked out for the city. More important how it’s worked out for the taxpayers of Marion County.
Better yet, flash back to 1983 and tell Bill Hudnut it’s better to have the Pacers fold instead of the Simon’s buy them. And make sure Hudnut doesn’t build a football stadium with absolutely no tenant, either.
Some deals work, some don’t, and some work for a bit because they don’t. Just a couple weeks ago someone was complaining that downtown Indianapolis needed a performing arts center. Well, here it is. I don’t know that it’s worth $40 million, but it’s worth some kind of assistance … unless the response is that those kinds of shows are now the domain of Carmel and Fishers from now on.
“some work for a bit before they don’t“
LOL. When it’s Democrats on the take, Joe pulls a muscle going back 40 years to try to justify it.
Joe, shouldn’t you be busy salting down meat in the root cellar, since according to you all the meat plant employees are got to be deported?
Tyson has nothing to worry about, Chuck. They donated $2500 to Todd Rokita who mysteriously chose not to investigate them. Amazing how cheap Todd works for, isn’t it?
Only you’re seeing politics, Chuck. I’m the guy who advocates trying things. Do you see me complaining that Republican Bill Hudnut built the Hoosier Dome with public funding and no team, or that Republican Steve Goldsmith didn’t kill off Circle Center Mall when he had the chance?
When it comes to Indianapolis, you’ve got painfully few ideas on what to try. Kind of like the local Republican Party … they rival the Indiana Democratic Party when it comes to ineptitude.
This is getting embarassing.
Can IBJ staff investigate whether Dan Gilbert is involved in the project considering his involvement with the Shinola brand?
Let’s be clear, our peer cities are doing the same but at a much higher rate. Nashville, Kansas City MO., Austin, Charlotte, Cincinnati and Columbus are all getting projects like this done through TIFFs. Think of it as an investment into your city and its brand. You can’t get others to invest their own money into the city if the city isn’t willing to invest and bet on its own success. Everyone that’s complaining are the same folks that will visit another city and admire the economic developments seen during your visit but when city leaders and developers try to bring that same success to Indy its always met with push back. This project is part of the larger plan for Georgia st and how it fits with the new Hilton and convention expansion as well as the possibility of a new soccer arena. Im certain it will get built to also help with the taxes collected to help pay for the new entertainment districts in downtown Indy. The city is clearly on a path for growth to compete for more conventions and tourist attractions. Indy is at a point of no return.
It’s socialism. We supposedly defeated the socialists just to become them.
You got played if you actually thought it was about socialism.
Eric M., I have no idea what it is you’re trying to attache you statement to in this thread about $40 million Tif forgivable loan to the Simons to develop a major project downtown Indy.
Simon can afford this. They don’t deserve any forgivable loans or tax deductions.