Indianapolis Considering $18M Bailout Loan
The city is going to bail out a private development? Am I reading this right from the IBJ.Walk me through this. I’ll share with you the story. You tell me if I’ve got this right. Indianapolis development officials are proposing an $18M loan by the Metropolitan Development Commission will salvage the apartment conversion of the Gold Building that’s 151 North Delaware. That conversion expected to replace four hundred thousand square feet of office space with more than three hundred and fifty apartments and nearly eight thousand square feet of ground floor retail. The project has been a point of frustration for Hogsett, his administration and others because of the faltered efforts to secure funding and because it has led to further delays for other components of the effort to reshape the City Market north of the City County Building. Okay, now, I’m not arguing against whether the city is happy or unhappy, or trying to get this done so they can move on to the next thing. I don’t have that data in front of me. And even though Joe Hogsett is a fool who abuses his own staff and allows abusers to be on his staff, I’ll believe that this part of the reporting from Mickey Shuey is accurate. I would have no reason to think otherwise that. We’ve got ourselves a larger scale problem. Here’s the question, why in the world would the city bail out anybody? The project failed, tell them to sell it to somebody else. $18M, “well, Tony, that’s the cost of business. That’s the way it works.” No, it’s not. That’s the way cities may work, government may work utilizing other people’s money. I oppose the bailouts when they were coming for AIG. What in the world are we looking at here an eighteen-million-dollar bailout? Now are we talking about a loan. Are we talking about it? Here you go, they’re saying loan. Now, the question is who believes the loan will be paid back. This is the kind of stuff that makes people crazy because this is government giving government people a deal who are in the know that other people wouldn’t get. Your small business will never get this deal. And thus I oppose it. And I am not happy with the city being so involved in construction projects.
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