Mayor Jim Brainard says in the article he hopes to have the subsidy down to $1 million in 3 or 4 years. It's not clear how that is going to be accomplished.
Last year, the City gave $2 million from its general fund to cover the Palladium's budget of $7.5 million. IBJ reports that this time money is coming from a private entity that is supported by tax increment funding (TIF) rather than the city's general fund. Like that makes a difference. Regardless of what governmental pocket the money is taken from, the money initially came from property taxes paid by Carmel residents. If TIF money is drained off, that is less tax dollars for schools, libraries, roads, etc.
I seem to recall Brainard touting tax rates being low in Carmel.
I can guess where/how he plans to cut the deficit. By telling everyone taxes are much too low for a city of Carmel's quality of life -- as he jacks them up.
The million dollar (or should I say 5 million ;) ) question should be how much tax revenue it the place generating. You may be getting alot of people shopping, eating and using the lodging in Carmel thus generating tax revenue. I would say they are getting a bit more bang out of these events then the city of Indy claws back on the Colts.
Someone's "gotta pay" for ornamental socialism.
Post a Comment