Pressuring Ballard
April 9th, 2009 at 8:20 pm by Jim Shella under Jim Shella's Political Blog
Democrats in the Indiana Senate have alternatives to the alcohol tax proposed as a solution to the deficit at the Capital Improvement Board (CIB.)
Sen. Vi Simpson (D-Bloomington) filed an amendment that permits the city of Indianapolis to redirect local option income tax (LOIT) money currently designated for public safety to the CIB. The city already has the ability to raise that tax, if necessary. (Can you say hostile proposal?)
Sen. Lindel Hume (D-Princeton) has an amendment that calls for expanding the Professional Sports Development Area (PSDA) to include the Circle Centre Mall. That means that sales tax money that would otherwise go to the state, could be directed to the CIB. Of course, that means the money will come out of the state General Fund. (Can you say veto target?)
Mayor Ballard should consider this as encourage to find another solution.
Tags: Capital Improvement Board, Greg Ballard, Lindel Hume, Vi Simpson
Considering the vast financial problems CIB faces, I believe the solutions need to be equally bold.
I think Simon Properties should payoff the mall investors debt held by the CIB to free up TIF funds and CIB tax revenues.
I believe that a bankruptcy filing allowing municipal financial reorganization should be seriously considered since the Colts and Pacers are not willing to contribute in any meaningful way to a solution.
Simon Raises $1.2 Billion in Debt/Equity Offerings
Simon said it will use the proceeds to reduce its debt and for general purposes.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20090325&id=9728422
Simon Property Group Inc. plans to hoard cash this year to purchase property that may come on the market, said David Simon, CEO of the Indianapolis-based mall owner. Simon made the comments this morning at a Citigroup 2009 Global Property CEO Conference in Naples, Fla., Bloomberg News reported.
http://www.indianabarrister.com/archives/2009/03/simon_says.html