Harrison Square Project highjacks more money from the citizens of Fort Wayne, IN

Well, I shook my head when I read the Ben Lanka post about interest being more than he cost of the project. But now I am laughing out loud as Lanka re-report the spin on the obvious, Who in the hell appointed these folks it comes to spending the tax payers money?

Thursday, September 20, 2007
Minutes of the City with the State on the Harrison Square Project
City of Fort Wayne, Allen County
Redevelopment District Lease


Summary: The unit is requesting approval to execute a lease in the amount of $45,920,000 with maximum annual lease rental payments not to exceed $5,180,000 for a term of thirty (30) years for the purpose of financing (1) the cost of constructing a parking garage and multiuse stadium located in Fort Wayne, (2) pay capitalized interest through and including January 1, 2009, and (3) pay expenses incidental to the issuance of the bonds.

Project Costs: $47,700,000 Amount applied to debt: $45,920,000 Annual Payment: $5,180,000

Controlled or Uncontrolled: Uncontrolled – Tax back-up request using:
1. Community Revitalization Enhancement District (CRED) revenues
2. Revenues pledged from Grand Wayne Center project Tax increment Financing (TIF),
3. Jefferson Pointe TIF, and
4. Pledged County Economic Development Income Tax (CEDIT)

Tax Rate Impact: 2007 AV $9,824,189,539
Levy Needed $5,180,000
Est. Debt Service Rate .0527
Meeting and Publication Dates:
Resolution/Ordinances adopted 06/04/2007
Common Construction Wage hearing held 07/19/2007 Vote: 3-0-1 abstained

Attendance
The following people attended the meeting: Graham Richard (Mayor), Sam Talarico, Jr. (City Council), John Weinet (Redevelopment Attorney), Pat Roller (City Controller), Steve Broday (City Consultant), Tom Guevarro (Financial Advisor), Randy Rompola (Bond Counsel), Jennifer Bell. John Kalb and a Tim Pope

or it could be just another creative number crunching similarly to the type in this post on June 24, 2007 that is posted again for the third time;


This is a repost. I attended a meeting last night that barely mentioned the tax increases. There will be a public hearing on the June 24, 2007 at 5:30 p.m that will be the only time for folks to voice their opinions about the unprecedented increases to the property taxes and the local budget. The City Council is not having any hearings to discuss the budget before that date. Somebody need to tell somebody and that includes all the folks who were complaining about the smoking ordinance. The budget will pass with little to no input from the public. Ain't that sad, but you elected them, but your vote can unelect them.



Governor Mitch Daniels is talking taxes. But what is Fort Wayne talking, smoking and mirroring? No smoking ordinance and Harrison Square financing ordinance, that keeps the folks from asking about where in the heck is all this money!!!