Comments on Advance Indiana™: Council Committee Advances $25 Million CIB Tax, Spend & Borrow Bailout Scheme

Good answer.

2009-07-29T23:37:46.175-05:00

Good answer.

Rich, it depends on when it is passed in the full ...

2009-07-29T20:42:00.885-05:00

Rich, it depends on when it is passed in the full council. The date I heard last night was something like Sept, 2010.

Do any you know when the new hotel tax will take e...

2009-07-29T18:19:08.163-05:00

Do any you know when the new hotel tax will take effect?

Nice posts, guys, especially the commentary on how well Marion COunty makes out. Whenever I complain about tax payers funding LOS and Conseco Fieldhouse, I always hear the "benefits to Indiana" bunk. I usually respond with "Marion County is not Indiana."

Thanks-
Rich

Councilors' desire to keep that steady flow of...

2009-07-29T07:09:05.107-05:00

Councilors' desire to keep that steady flow of free tickets to Colts games is too enticing I suspect to allow them to turn control of LOS over to the state.

Here's why Governor Daniels should get to run ...

2009-07-29T06:36:09.540-05:00

Here's why Governor Daniels should get to run these:

A) He apparently has extra money laying around for this purpose because he's willing to give the CIB an additional $8 million a year and loan it $27 million.

B) The state collects more money from the regional food and beverage tax than it takes to pay off the bonds.

C) He made the decision to build these facilities knowing there wasn't money there to pay for them.

D) He says he could run them more efficiently than the City.

I've generally been of same mind about the CIB...

2009-07-29T06:21:50.605-05:00

I've generally been of same mind about the CIB, but now I'm wondering if you're not just an anti-sports anarchist, AI. Ha ha!

If we give these "state facilities" back, is there any reason to think that the end result - us paying more taxes - would be any different? Yeah, the Governor sniped about CIB operating costs, but that's easy to do when you don't have to actually RUN a CIB.

Sorry, but I'm not all that keen on letting the Governor raise money for a Presidential bid from big money donors or pose in Superbowl pictures when he'd raise taxes, too. He doesn't get all the PR benefits while we still eat the same costs in a different form.

So, I tell you what...I'll start publicly advocating for your plan when the Governor says the following:

(1) "I want to run these facilities;"

(2) "I promise if you give them to me, nobody but those who attend events will pay more, and if I can't deliver on this, you should never elect another Republican again, inclding me, because we'll all be a bunch of hypocritical liars" (gotta make sure there's no "it's a bad economy" wiggle room); and

(3) "I won't give CIB operations to a French conglomerate in exchange for a huge (but massively undervalued over the lease-life) lump sum. I am so confident that my exceptional management will reduce costs, I won't need to sell-out Indiana again for short-term political gain."

When I hear these words, I'm on board.

I don't see it happening though. The Governor doesn't want to lead on this because he KNOWS he'd have to raise taxes, a task which will be damn near impossible now that you've enraged every out-of-county legislator by making them all feel Marion County is sucking Indiana dry.

"Seriously, AI, is your goal to collapse everything by inaction?" he asks while lobbing an ostensible softball....

http://hoosiersforfairtaxation.blogspot.com/2009/0...

2009-07-29T00:48:34.896-05:00

http://hoosiersforfairtaxation.blogspot.com/2009/07/shameful-democrat-councilors-monroe.html

Gary, you and I don't agree with bankkuptcy. C...

2009-07-28T22:49:08.710-05:00

Gary, you and I don't agree with bankkuptcy. Chapter 9 bankrutpcy is definitely an option. As pointed out by Elrod today, the CIB could actually be forced into bankruptcy by creditors. They might not have any choice.

The important thing is that a BK authorization would give the CIB incredible leverage to renegotiate contracts and restructure debt. You may not even have to ever file - the mere threat will force them to the table.

Even if evey tax is adopted that they want, they are in such a deep hole that they will never get out.

Of course the downside is that it doesn't do any good to renegotiate contracts and restructure debt if the behavior that led to bankruptcy doesn't change. There is nothing indicating that the CIB giveaways will stop and the Pacers giveaway of $15 million is proof of that.