Resolution and Ordinance
R-07-34 & A-07-28
RESOLUTION REGARDING DOWNTOWN TIF FUNDS TO BE USED FOR THE REPAYMENT OF EDIT FUNDS THAT WERE USED TO MAKE THE BOND PAYMENTS ON THE STATE STREET PARKING GARAGE.
WHEREAS, bonds were issued to provide funding for the cost of building the State Street Parking Garage in the amount of $3,500,000.
WHEREAS, it has been necessary to use EDIT Funds to make the bond payments because TIF collections were not sufficient to meet the bond payments.
WHEREAS, it is recorded in the New Albany Redevelopment Commission Minutes of November 14, 2001 that approximately $3,696,350 of Edit Funds would be used to make the State Street Parking Garage bond payments due to the fact that the Downtown TIF Funds collected would not be sufficient to cover bond payments.
THEREFORE: BE IT RESOLVED, THAT:
We think it is necessary that the COUNCIL be informed about the financing and bonds for the State Street Parking Garage.
All Downtown TIF Funds collected be used to repay EDIT Fund in the amount that EDIT funds were used to make the Bond payments on the Downtown Parking Garage.
Another "pie in the sky" to save downtown!
Build it and they will park there...Right?
Several weeks ago there was an article in the paper with the suggestion of building a new parking garage near Scribner Place with an estimated cost of $6 million dollars. A statement was made that a new parking garage could be paid for with the "profits" from the State Street Parking Garage.
At this time, the State Street Parking Garage OWES the EDIT Fund $3,613,698.46 for Bond payments made out of EDIT because downtown TIF "DID NOT" produce sufficient money to make the Garage Bond payments.
Here we go again!
We, the taxpayers, are footing the bills for the utilities, and the maintenance because the parking garage does not take in enough money to pay for itself.
How do you think that we taxpayers can afford to pay the bills on another parking garage?
The Downtown TIF needs to repay $3.6 million to the EDIT Fund for the State Street Parking Garage Bonds.
EDIT Funds could be used for projects all over our city and save our General Fund tax money.
"THAT COULD HOLD DOWN OUR PROPERTY TAXES."
EDIT expenditures must be approved by the City Council.
TIF expenditures are approved by Redevelopment Commission. Council Candidate Caesar heads the Redevelopment Authority. And Council candidate Messer is on Redevelopment.
Is this why they are pushing for the TIF money to stay in TIF so REDEVELOPMENT can CONTROL the MONEY?
The State Street Parking Garage was built during the England administration.Should we have named the State Street Parking Garage the England Parking "mistake" Garage?
Are the concrete supports still cracking?Did the Mayor's Secretary really get stuck in the State Street Parking Garage elevator?
Is candidate England pushing for this new $6 million dollar nightmare Parking Garage?
Taxpayers -- we are being screwed by the parking garage project and the request to spend millions of dollars to build another downtown parking garage.
The Funds involved are: EDIT, TIF and our Tax Dollars!Could our Mayor USE a few more "kick backs" before he leaves office?
Freedom of Speech would like to say: This city needs to wake up and realize if it wants to GROW it will have to grow in all of the city. Another parking garage will be just a waste of money either way.
We simply believe as many others in this town do that an independent feasibility study would prove without a doubt that this city could not support two parking garages and DRAMATIC operating losses would again be paid for by us...the tax-payers.
More tax money down the drain!
Our final thought... This whole project is full of questions and few answers.
The big red flag went up Wednesday when Redevelopment Director John Rosenbarger said:
"That a developer wants to build a business on the public Scribner Place property IF the CITY builds a PARKING GARAGE there as a BASE."
It has the smell of kickbacks all over this project!
See what happens when "you do" your homework Council members Zurschmiede, Messer, and Gahan.
We deal with FACTS and not political agendas!
If your not outraged, you're not paying attention