Another C.I.B. Solution
In my never ending effort to help alleviate the problems of this city and state, I’ve come up with another idea to help solve the Capital Improvement Board’s funding crisis. It not only solves the funding shortfall, but it also takes care of getting out-state Indiana to buy into the solution.
I started with City-County Councilor Joanne Sanders idea that revenue generated from downtown sales and income tax be used to the cover the C.I.B.’s costs. The C.I.B. needs about $47 million to operate, and downtown generates about $200 million in sales and income tax revenue. Sanders’ idea, which I oddly enough agree with, includes taking that $47 million off the top and using it to cover the C.I.B.’s costs and everything else going back to the state.
Now for those out-state lawmakers who don’t like the idea and think the money generated in Marion County belongs to their constituents, I would cut this deal. Temporarily reduce the amount of state assistance Marion County gets and funnel that money back into outlands. However, as the J.W. Marriott comes on-line as well as anything that develops in the old Market Square Arena site and other downtown properties, those sales and income taxes will stay in Indianapolis and benefit the entire county.
I would not raise taxes on hotels or car rentals, but I would raise taxes on Colts, Pacers and Indians games to the tune of 25-percent. Hey, the people who use the facility should have some skin in the game even if their own teams won’t.
Think of this as a modified TIF district. The money generated downtown will stay there, however Marion County agrees to forgo a certain amount of state revenue for the time being. The plan also encourages the city to develop downtown, rapidly and quickly, which can only mean more jobs and more revenue.
What is not to like about this plan? I doesn’t require broad based tax increases, it’s a Marion County solution and out-state isn’t out of a dime.
Where do I sign up to run for public office?
