Comments on Advance Indiana™: How Much Will The Wishard Referendum Question Cost You In Higher Property Taxes?

Well, AI is 'gloomy gus', while I am calle...

2009-11-04T11:07:46.998-05:00

Well, AI is 'gloomy gus', while I am called paranoid over on HadEnoughIndy. At least we're moving in the right direction.

The public has a right to be fully informed when they go into the voting booth.

H&H wrangled a pass on any clear public question - unlike other governmental units, they were allowed to not mention the price, not mention the possible tax rate increase, not mention it would be on top of the tax caps, and not even mention that they were looking to build a single building. Hardly informing the voters.

Then, Gutwein and company, and even initially the Star, repeated they would not need to repay the bonds with property taxes. Hardly informing the voters.

Finally, the legally required notices were published. Many people pointed out that Gutwein and his legions had not mentioned that the bonds would be secured with property taxes. That is information that is relevant to the voting public - and Gutwein and company knows that.

Call me whatever you like. But, I am steadfast in the belief that holding the referendum in an off election year, getting a pass on the relatively mild requirements for a public question, not offering full disclosure that the taxpayers ARE on the hook to repay the bonds, were all intended to make it as easy as possible for Gutwein and company to win.

The public interest is multi-faceted. One aspect is for the public to be given full information so that the public can clearly decide if they want to be on the hook for a new Wishard campus.

That was why the law required a referendum in the first place. It was not to ask the public if they wanted a lower interest rate. It was not to ask the public if they liked the job Wishard provides. It was not to ask if they like anything about Wishard. The law required a public referendum to see if the public wanted to be on the hook for repaying bonds for a new Wishard campus.

You are in favor of Wishard's program and in favor of possibly having to pay more property taxes to pay off the bonds. That's fine. That's called informed consent in other arenas. That is all many of us were seeking for the rest of the voters.

By the way, Edward, the 'huge cash reserves...

2009-11-04T10:38:52.511-05:00

By the way, Edward, the 'huge cash reserves' are supposedly a 'down payment' (Gutwein's words).

You would pay the increased tax for the location. ...

2009-11-04T10:28:35.594-05:00

You would pay the increased tax for the location. Younger people (the future of the state) want to live in cities... not the boonies.

If anything this project is over financed, which is a good thing. This will never effect anyones taxes. The only reason it needed to be backed by tax payers is to secure an investment grade bond rating. Unsecured bonds can't get high ratings. By securing the bonds with the promise of tax payer backing Wishard was able to get very low interest rates. Wishard also has huge cash reserves in the event that revenues fall short. Who ever planned the financing of this project made it a point to be super conservative.

Stop being such a gloomy guss.

With the tax caps for homestead properties droppin...

2009-10-20T08:45:38.407-05:00

With the tax caps for homestead properties dropping to 1% next year, the layering of additional tax increases on top of that will put property owners in Marion County at an increasingly competitive disadvantage to property owners in the surrounding Counties.

If a person can buy a similar house with a 1% property tax cap, why would they pay the same price for a house with a 1.14 or higher 'cap'?

Now, if you think that a new Wishard campus, with a new hospital, plus a new outpatient facility, plus a new faculty office building, plus a new parking garage, plus a new power plant (cost estimate over $1300/sq.ft), is worth increasing your taxes and decreasing the sales price of your house, well then do go ahead and vote YES.

If you think that government should be honest with the public about how things are financed, you should consider voting NO. Remember, a new Wishard campus can be built with revenue bonds that do no use property taxes for repayment. Wishard does not need a public referendum to float revenue bonds. So, a NO vote does not jeapardize the project; it just clears property owners from having to repay the bonds.