Carmel debt review: Changes proposed

CARMEL, IN.(WISH) - "We're in a complete state of confusion, unfortunately.”

That’s what Carmel City Council member Luci Snyder said during a review of the Carmel Redevelopment Commission. 

She and members of her committee are studying whether to re-finance millions of dollars in debt incurred by the commission, without council approval.

 On Thursday night, analysts told the committee members they need to understand “the risk of additional taxes being imposed on the residents of Carmel”.

Snyder said “There was a promise made that that wouldn't happen. And I'm going to try to keep that promise as best I can.  Probably re-financing.  And tucking money aside for a potential shortfall.”

The committee hearing made it clear that any restructuring of the debt would be an extremely complicated process.  

That’s why they devoted so much time to finding specific words for an amendment.

Council member Sue Finkam said that amendment “further outlined how the CRC operations would be handled within the city moving forward” and included changes that “pertain to fiscal management and operational transparency” of the commission.

Part of that discussion would entail putting the CRC under the control of a new city development agency.

The plan approved tonight goes to the full council next.