Tuesday, November 16, 2010

Price Tag for North of South Project Increases from $86 Million to $98 Million

Perhaps distracted by the parking contract debate, it appears the media missed another story. Yesterday Proposal No. 292, 2010 was introduced by Republican Councilor Jeff Cardwell for the City to take out $98 million in bonds to fund the North of South (No-So) project. This is an increase from the original $86 million dollar the administration of Indianapolis Mayor Greg Ballard agreed to finance when a developer, Buckingham Companies, could not get a loan when every private lender Buckingham approached viewed the project for retail, apartments, and condos on the near southside near the Lilly complex as too risky.

So the City has no problem issuing $98 million in bonds to support the No-So project while at the same time City officials say it is too risky to borrow $6 million to buy and install parking meters? Who are they kidding?

By the way, Tom John, Marion County Republican Chairman, is listed as the lobbyist for Buckingham Companies, specifically for the purpose of lobbying the Mayor's Office.


Downtown Indy said...

They just can't spend it fast enough, can they?

Paul K. Ogden said...
This comment has been removed by the author.
Paul K. Ogden said...

DI, well they only have a year left in power. The next year leading up the election will be tough. They know they're not going to win. And when they lose in November...look out. I expect they'll start carting furniture out of the 25th floor and everything else not nailed down.