Todd Donati – Muncie Redevelopment Commission, President
When: Thursday 9-7-17
Time: 4:00 PM
Where: City Hall Mayor’s Conference Room
A public hearing on $4.5 million dollar bond for Madjax. The repayment is from leases and should they fall short? You guessed it….tax dollars will make the payment.
The bond money will help to pay off some of the $1.762 million in debt Madjax owes. Seems similar to a consolidation loan where you borrow money to pay off your debts and have one payment. You still owe, though.
In this case, if Madjax pays off their debt, but fails to make the bond issuance payment, the taxpayers will pick up the slack.
Since when did the Muncie Redevelopment Commission become a bank? We’re talking about $4.5 million dollar loan. Surely, if MRC has that kind of dough to throw around perhaps MRC should instead loosen up their purse strings and return $4.5 million back to the taxing entities.
Mayor Tyler claims he wants to help the schools, how about restructuring TIF districts? Instead, we’ll take even more money for the cash-cow call TIF districts.
Most everyone liked the idea of a Maker’s Place until we found out the city is dishing out money right and left. You have to wonder about the adverse reaction Bracken’s proposal created. There’s some money to be had or someone is going to benefit. Won’t be the taxpayers, guaranteed.
Some time has passed since council members showed some reluctance on this bond. Let’s see how they vote after their private meetings. Afterall, going against Mayor Tyler and his appointed friend Todd Donati might cost them Democrat Headquarters support come next election.