Updated: Muncie Debt & TIF
You may be interested in looking at the City of Muncie’s total debt as of 9-29-17. For your reading pleasure see links below on the TIF obligations. As you can see, TIF revenues (property tax dollars) hold a large share of the debt repayment.
Recently Muncie City Council added $4.5 million in debt and Mayor Dennis Tyler is wanting to bond another $3.5 million for Muncie Community Schools. $8 million additional debt in less than one month. Chew on it, baby.
The sad part is the TIF revenue is real property tax dollars. The reason why TIF districts are so popular amongst government units is simple. The money collected in the districts can be spent any which way. Even a $4.5 million bond claiming it is for training purposes for a cash-strapped start-up company. One in which the mayor and his appointed president of the Redevelopment Commission (MRC) sit on the board. Go figure.
That’s all, folks! See y’all soon.
