Tuesday, July 17, 2007

"TIF Talk 2.0" Followup

Investigating Harrison Square

"Harrison Square opponents should not expect a prosecutor’s office review of the project’s finances to produce criminal charges or a grand jury investigation. Nor should supporters necessarily expect the prosecutor’s office to issue a determination that the project meets every letter of every state law and regulation."

"Perhaps more important for local residents, next month the Indiana Local Government Tax Control Board will open a detailed review of whether revenues from the project will adequately cover the bond payments. The state will not approve the bond unless the finances are irreproachably in order."

"Given the importance of Harrison Square, the amount of money involved and the level of opposition, citizens have every right to demand that city officials meet the nuances of every legal requirement. Any review of the project is welcome, though the ones by state officials and bond attorneys will better address the real concerns about the project’s finances than a narrower criminal investigation by the prosecutor."


bud said...

Wow. The Journal Gazette sees no reason for the citizens to expect city officials to "meet every letter of every state law and regulation." Unbelievable. I bet every city administration wishes it had its own newspaper.

Maybe this project should be put on hold while we sort out which laws were not followed and what, if any, civil/financial consequences will follow.

For the record, I disagree with John about criminal repercussions. I agree that many statutes have not been followed.

John B. Kalb said...

Bud - Just to explain why the criminal route, a citizen has no other choice, due to the bond posting requirement of the statute covering the establishment of a economic development area. Very few citizens have the resources to post a multamillion dollar bond! I do not want anyone to go to jail over this, but what other recourse does the citizen have? John B. Kalb

Jeff Pruitt said...

The idea that multimillion dollar bond is necessary is a joke. The city has already had a two month delay from when they said they needed the agreements in place to when they will actually be in place.

Did this cost the city millions of dollars? Of course not. The bond should be for no more than the city itself claims they lost in their delay...