Carmel’s building boom raising debt concerns

Photo courtesy WISH-TV

CARMEL, Ind. (AP) — A central Indiana city known for one of the nation’s longest building booms wants to do even more despite concerns that road repairs and other services aren’t being funded.

Carmel Councilman Rick Sharp tells The Indianapolis Star the city is engaging in a “shell game” by moving money around to pay for projects.

Mayor Jim Brainard wants the Indianapolis suburb to approve millions of dollars in bonds to a private developer to build a parking garage and other infrastructure. There are no guarantees that taxpayers won’t ultimately wind up footing the bill.

Brainard says he wants to complete the vision he launched 16 years ago. But approval won’t come easily. The city’s redevelopment commission could face a $9 million shortfall by 2037 unless it finds new funding.

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Information from: The Indianapolis Star, http://www.indystar.com

 

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