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CIB F-up (That’s Follow Up)

As lawmakers get ready to vote on a budget today, there’s some question over whether the plan to address to the Capital Improvement Board’s shortfall is actually legal.

Under the plan the city would borrow $27 million from the state over the next three years to cover operating expenses, however that money would be paid back with interest from increases in the car rental and ticket taxes.  However, those taxes won’t kick in for three years which puts the CIB back in the same position that it is right now.

At first I was shocked and all I could ask my self is what political baboon would come up with something like this?

And then I remembered;  State Senator Mike Young of Indianapolis, the only lawmaker I’ve ever know to make Dennie Oxley, Jr. look good.

Posted: 06|30|09 at 6:34 am by Abdul Hakim-Shabazz
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  • Old Guy
    This model of efficiency managed to tear down a 25-year old building without having paid a cent on the principal debt, having used the revenues from taxes levied for that specific purpose on everything but that debt. Not my idea of good management.
  • Nick
    Oh Yeah, I forgot to add it won't work.
  • Nick
    After some thought, this silly structure is a political stunt, not a financial solution any business would consider.

    This twisted bailout is structured to defer a state takeover of CIB until after Ballard is forced to restructure CIB debt or declare bankruptcy from insolvency.

    Basically they are kicking the can down the road and covering there own tails at the same time.
  • Nick
    Good luck explaining this bailout to the public.
  • This kind of sounds like the property tax rebate debacle.
  • Think Again
    Paul: Young also co-authored the wacko deal that took the stadium away from the city and let the state do it. WIth zero experience in these things.

    Now, you may not like the CIB, and it's been the subject of lots of slams lately. But consider this: until this stadium fiasco, CIB was a national model of building and managing public facilities. Not a single problem anywhere. For over 40 years.

    Abdul is right. Young is also sanctimonious. He is a bright guy, and that's rare among the 150 legislators. But he fancies himself King, and look: the King is wearing no clothes.

    I could care less if he doesn't pay homage to the Marion County GOP upper-crust. If that upper crust even exists any more.
  • Paul,

    Not to call you out but Young was the author of the amendment that put the loan in as a way to finance the CIB.

    He is also the biggest tool in the Legislature. It's not just a Marion County deal.
  • TA,

    No he isn't right about Young. I don't agree with Young on consolidation but he is right on an awful lot of issues. I highly doubt he had anything to do with the CIB plan.

    Of course, Mike Young has never been a suck up to the powers in the Marion County GOP. Could that instead be why certain people don't like him.
  • Think Again
    I'm speechless. You're 100% correct about Young. Good call.
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