No-So Fleeces Indy Taxpayers

"The $156 million North of South project is a complicated, risky and potentially transformative bet on downtown," writes Cory Shouten on IBJ.com.

"Taxpayers are putting up nearly every dollar used to build the apartment, hotel and retail project, chiefly by loaning $86 million raised from the sale of municipal bonds. All without the city’s landing any job commitments, charging the developer a spread above the city’s cost of capital as any banker would, or installing a mechanism for taxpayers to enjoy some upside if the deal succeeds....

"The city sold about $98 million in bonds to finance the project and will kick in another $9 million for infrastructure improvements. Add in a $6 million state grant, and taxpayers are on the hook for about $113 million."

This Indianapolis Observer remains in a state of shock that Indy's on the hook for big bucks while private company's stand to benefit from our tax dollars. Way to go, Ballard!