Carmel Finance Committee meets to discuss $200M cost to taxpayers in city's refinancing plan
Carmel Council Pres: Mayor went around Council
Last Updated: 251 days ago
CARMEL, Ind. - Carmel's Finance Committee held a special meeting Thursday night to discuss more than $200 million in costs to taxpayers.
"We're learning tonight that the Carmel Redevelopment Commission's refinancing deals are costing the taxpayers over $200 million in its refinancing plan," explained John Accetturo, a Carmel resident and former councilor.
"We think we got here through a desire to build monuments without reasonably paying close attention to sound fiscal policy," Carmel Council President. Rick Sharp said.
Sharp said Mayor Jim Brainard and his Redevelopment Commission went around the council by not seeking their approval and financing for projects like the Palladium.
Instead, Sharp said Brainard and the Commission did the projects on their own with other financing that had high rates and penalties.
"I think what we have here was a disregard of the structure of government," Sharp told RTV6.
He said the council is now looking to rein in the CRC and bring it into a city department, and the council is trying to figure out what to do about that debt.
Raising residents' taxes isn't out of the question.
"One of the plans being shown to us (could) cover the debt without raising taxes whatsoever and that is how we want to go, but it's our job to look at all sides of the picture," Sharp explained.
"The fact they were talking about it tonight was a good indicator that it is on the drawing board," cautioned Accetturo.
The committee has plans to meet several more times to figure out a solution.
Brainard's office had not responded to requests for comment Friday.
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