Are We Ready for Super Bowl 46? (Indianapolis, Fort Wayne: stadium, areas, pay)
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2nd, Mass Transit is a must and it's up to the legislature to get off their butts and come up with a funding solution so the voters will have a referendum to vote on. Regardless of whether or not Carmel wanted to help pay, they don't have that kind of money. It's going to be a multiple community effort with generating the funds to build it and also generating the funds to maintain it. One of the knocks I see with Indy is while the leadership thinks big and trying to become more global, the residents at times don't seem to want that.
Agreed. A lot of residents in the metro area think that if something isn't built or done right in their back yard, they shouldn't have to contribute to it at all and that it has no benefit to them.
Agreed. A lot of residents in the metro area think that if something isn't built or done right in their back yard, they shouldn't have to contribute to it at all and that it has no benefit to them.
speaking of funding how long do they anticipate it will take to Pay off Lucas Oil Stadium with the tax?
speaking of funding how long do they anticipate it will take to Pay off Lucas Oil Stadium with the tax?
If memory serves, the stadium construction was originally financed with auction-rate securities. You may recall what happened to the market for those instruments. I know they were all refinanced into fixed-rate bonds, but I don't recall the maturity.
Agreed. A lot of residents in the metro area think that if something isn't built or done right in their back yard, they shouldn't have to contribute to it at all and that it has no benefit to them.
How does this differ from other parts of the country?? Similar battles occur everywhere.
If memory serves, the stadium construction was originally financed with auction-rate securities. You may recall what happened to the market for those instruments. I know they were all refinanced into fixed-rate bonds, but I don't recall the maturity.
Ah see i wasn't old enough to understand that back then and i don't live in Indy yet. Do they have an *idea* on when its going to be paid off? If its paid off we can fund mass transit with that Tax currently paying for the Stadium and the result is no need to increase taxes.
Ah see i wasn't old enough to understand that back then and i don't live in Indy yet. Do they have an *idea* on when its going to be paid off? If its paid off we can fund mass transit with that Tax currently paying for the Stadium and the result is no need to increase taxes.
Except that may not be permitted by the General Assembly under the law passed that allowed for the regional tax.
How does this differ from other parts of the country?? Similar battles occur everywhere.
True that battle is everywhere someone is trying to get some form of mass transit system going. The city is on the cusp of going to that next level. It has international name recognition, great amenities, great CBD, good schools, one of the top rated hospital networks, it carved out its niche in sports. It's missing now, the people. Without mass transit, the pop will never reach that level.
I'm not saying it would do an Atlanta and just skyrocket, let's face it, MARTA kind of sucks, BUT Indy should take chances like ATL did. Some things failed but the things that worked, transformed it from a southern city to the City of the South. They didn't wait for NYC, Miami or Dallas to give their blessings. They just did it.
The SB could be a kick off platform for just that and one of the glaring things that will come out of this is the fact IndyGo blows chunks and that's putting it nicely. It's going to be a city coming off the first Big Ten football conference championship game, going into a Super Bowl, opportunity is just stacking up like pancakes at Steak N Shake. City just needs to be ready to capitalize on it.
True that battle is everywhere someone is trying to get some form of mass transit system going. The city is on the cusp of going to that next level. It has international name recognition, great amenities, great CBD, good schools, one of the top rated hospital networks, it carved out its niche in sports. It's missing now, the people. Without mass transit, the pop will never reach that level.
I'm not saying it would do an Atlanta and just skyrocket, let's face it, MARTA kind of sucks, BUT Indy should take chances like ATL did. Some things failed but the things that worked, transformed it from a southern city to the City of the South. They didn't wait for NYC, Miami or Dallas to give their blessings. They just did it.
The SB could be a kick off platform for just that and one of the glaring things that will come out of this is the fact IndyGo blows chunks and that's putting it nicely. It's going to be a city coming off the first Big Ten football conference championship game, going into a Super Bowl, opportunity is just stacking up like pancakes at Steak N Shake. City just needs to be ready to capitalize on it.
Exactly. Also the Citizens of Indianapolis need to realize they have more power over this state than they want to accept. The General assembly might not allow it. Well lets see Indy's Metro of 1.7M hmm thats about 30% of the states population so 30% of the power in the statehouse. Use that to our advantage lol Honestly though after its paid off to pay for mass transit i have 1 major idea right now to pay for it. One is a Public-Private Partnership if its possible and Raise Taxes on Cigarettes and Alcohol in the 9 county Metro area and form a major mass transit system.
My View is though we need to grow the Indianapolis area more before we start developing a complex system. I am in support of 5 rail lines atm 1 that goes up the northeast side to Fishers/Noblesville the other going to Carmel and Westfield the 3rd going to the South Side to Whiteland 4th going to the Airport and west side suburbs and the 5th too.
A simple way though to grow the Indianapolis area is to make the business climate very friendly cut the red tape and regulations ESPECIALLY ones that DO NOT MAKE SENSE! these kind of BS regulations are just holding us back. Heck if we wanted too we could easily get some Fortune 500/1000 companies to relocate their HQ to the Indianapolis area since our state and city as well have the 6th best business climate in the country and 1st in the midwest...... CME group from Chicago would be a good start already their CEO has expressed interest in moving out of Chicago. I would love the Idea of a new skyscraper in Downtown to house the HQ and Exchanges for them. The Indianapolis Exchange Building.
I just hope Mitch Daniels and Greg Ballard are working with them behind the scenes this is a major opportunity that should not be blown off.
As for mass transit, I agree that Hamilton County is iffy. Carmel and Westfield actually would get busses, so that isn't exactly nothing, but I would be more worried about places in Northern Hamilton County blocking it. And this may sound crazy, but with the way Carmel spends money, it wouldn't shock me if the city somehow did some kind of partnership with Indianapolis to build rail to Carmel without needing a referendum to raise taxes.
I think the northern part of Hamilton County is too sparsely populated to really make a difference. More of it will be how much will they have to pay, and will the population centers of Carmel (mostly Western Clay township) and Westfield think of paying for a rail line to Fishers/Noblesville. Also, if the surrounding counties don't support it, does this mean an even higher rate of taxation?
Quote:
Originally Posted by msamhunter
2nd, Mass Transit is a must and it's up to the legislature to get off their butts and come up with a funding solution so the voters will have a referendum to vote on. It's going to be a multiple community effort with generating the funds to build it and also generating the funds to maintain it. One of the knocks I see with Indy is while the leadership thinks big and trying to become more global, the residents at times don't seem to want that.
This is nothing more than your idea on how things should be. We all have our views on how things should be ran, but then you have to accept that some % of the people may disagree. Most are going to disagree with your thoughts on this, because they don't want to pay for it. Folks in Shelbyville don't want to pay money so folks in Greenwood and Carmel get a nice bus to ride to work in, or people in Fishers/Noblesville get a rail line to ride to their jobs in downtown Indy.
The plan should be simple: Everyone pays the same % of the cost of what they are getting. For people in Madison, Hancock, Shelby, Morgan, Hendricks, and Boone, no one should be paying anywhere near the same tax rate as those in Hamilton, Marion, and Johnson, because there are no costly rail lines going in.
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Originally Posted by wh15395
Agreed. A lot of residents in the metro area think that if something isn't built or done right in their back yard, they shouldn't have to contribute to it at all and that it has no benefit to them.
A stadium built for a billionaire has no financial benefit to most folks in central Indiana. We already have TV spots where sports related businesses are now worried about a losing season and the impact on their bottom line. Rail transit is very costly, and it only helps a few. Folks in Fishers could see their property values increase, while everyone else in the metro area could actually see their values decrease. A big question asked on here is about transit. So if we put a rail system in and only have it benefit Noblesville, Fishers, Indy, Greenwood (maybe), and Franklin(maybe), it stands to reason folks will start crossing off places like McCordsville, New Palestine, Plainfield, Avon, Brownsburg, etc. off their list of places to move to.
I know the "promise" is that eventually we will have a spoke rail line transit system, but I take such promises with a grain of salt. If we are going to do this, it should be equitable to all, or those in areas that don't get rail transit pay next to nothing while those municipalities getting the rail line shoulder the burden of funding such a project.
Quote:
Originally Posted by Broadrippleguy
speaking of funding how long do they anticipate it will take to Pay off Lucas Oil Stadium with the tax?
The bulk of the bonds have a maturity of 2039 per the IFA website. Not sure if the state kept that same maturity when they refinanced or not. The state is allowed to pay off the bonds early if revenues are more than anticipated. This would seem to indicate the bonds issued are callable. Multiple new articles have stated that revenues in past years were more than anticipated and thus some of the bonds were called to save in interest payments. This is the money the CIB tried to get their hands on when they were pleading poverty a while back.
This tax can't be used for mass transit without a change in the law. Outside of a complete collapse of the economic system, my prediction is that as we see 80% or so of these bonds being paid off, various interest groups are going to be salivating at the possibility of getting their hands on this stream of money. Transit will likely be the winner, but the surrounding counties will likely want to be able to vote for the tax. This would likely be a much better way to fund mass transit, especially if they continue to let the counties keep a cut of the funds. Again though, it is going to really be hard to tell someone in Danville they need to pay the same tax rate as someone in Fishers who will have a rail station within a mile of their house.
I think the northern part of Hamilton County is too sparsely populated to really make a difference. More of it will be how much will they have to pay, and will the population centers of Carmel (mostly Western Clay township) and Westfield think of paying for a rail line to Fishers/Noblesville. Also, if the surrounding counties don't support it, does this mean an even higher rate of taxation?
This is nothing more than your idea on how things should be. We all have our views on how things should be ran, but then you have to accept that some % of the people may disagree. Most are going to disagree with your thoughts on this, because they don't want to pay for it. Folks in Shelbyville don't want to pay money so folks in Greenwood and Carmel get a nice bus to ride to work in, or people in Fishers/Noblesville get a rail line to ride to their jobs in downtown Indy.
The plan should be simple: Everyone pays the same % of the cost of what they are getting. For people in Madison, Hancock, Shelby, Morgan, Hendricks, and Boone, no one should be paying anywhere near the same tax rate as those in Hamilton, Marion, and Johnson, because there are no costly rail lines going in.
A stadium built for a billionaire has no financial benefit to most folks in central Indiana. We already have TV spots where sports related businesses are now worried about a losing season and the impact on their bottom line. Rail transit is very costly, and it only helps a few. Folks in Fishers could see their property values increase, while everyone else in the metro area could actually see their values decrease. A big question asked on here is about transit. So if we put a rail system in and only have it benefit Noblesville, Fishers, Indy, Greenwood (maybe), and Franklin(maybe), it stands to reason folks will start crossing off places like McCordsville, New Palestine, Plainfield, Avon, Brownsburg, etc. off their list of places to move to.
I know the "promise" is that eventually we will have a spoke rail line transit system, but I take such promises with a grain of salt. If we are going to do this, it should be equitable to all, or those in areas that don't get rail transit pay next to nothing while those municipalities getting the rail line shoulder the burden of funding such a project.
The bulk of the bonds have a maturity of 2039 per the IFA website. Not sure if the state kept that same maturity when they refinanced or not. The state is allowed to pay off the bonds early if revenues are more than anticipated. This would seem to indicate the bonds issued are callable. Multiple new articles have stated that revenues in past years were more than anticipated and thus some of the bonds were called to save in interest payments. This is the money the CIB tried to get their hands on when they were pleading poverty a while back.
This tax can't be used for mass transit without a change in the law. Outside of a complete collapse of the economic system, my prediction is that as we see 80% or so of these bonds being paid off, various interest groups are going to be salivating at the possibility of getting their hands on this stream of money. Transit will likely be the winner, but the surrounding counties will likely want to be able to vote for the tax. This would likely be a much better way to fund mass transit, especially if they continue to let the counties keep a cut of the funds. Again though, it is going to really be hard to tell someone in Danville they need to pay the same tax rate as someone in Fishers who will have a rail station within a mile of their house.
Am wondering Indy how is it my interpretation of what I think will happen? The state legislature has to be the one to come up with a funding formula. It's just the law, that funding formula then goes to referendum to the affected voters. Simply put, if specific counties vote it down, take that route out of the equation (ok that's personal opinion ). It is really that simple. I can understand Shelby and Morgan counties wanting to opt out as it does make sense for them logistically, but if it were voted and implemented, guarantee they would be the first ones complaining that there isn't a route for them. Oh well, I'm not a politician so don't have to be political with my answers; get over it, put in your fare share and we can begin implementation. You don't pay you don't get access.
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). It is really that simple. I can understand Shelby and Morgan counties wanting to opt out as it does make sense for them logistically, but if it were voted and implemented, guarantee they would be the first ones complaining that there isn't a route for them. Oh well, I'm not a politician so don't have to be political with my answers; get over it, put in your fare share and we can begin implementation. You don't pay you don't get access.
