Money Is Key In Carmel Mayor Race

The May primary is less than a week away and one of the fiercest races in Central Indiana is that for Carmel Mayor.  One key campaign issue, the city’s finances, is again in question.

On Wednesday, Carmel Mayor Jim Brainard held a press conference announcing $32 million more than expected in tax increment financing or TIF money that uses future property tax gains to subsidize development projects like a large hotel going up on the corner of Meridian and 96th St.

"Thanks to Carmel’s robust growth and aggressive economic development strategies, the city continues to attract millions of dollars in private investment such as this hotel that’s rising behind me." says Brainard.

Brainard, a Republican, says the new TIF report is a conservative estimate and shows that assessments and tax revenues are growing and that there are other major projects not even included in the projections that add the city’s financial stability.

His opponent, Republican Councilman Rick Sharp, accuses the mayor of downplaying the city’s debt and it’s ability to pay it off.  He’s asking why a proposed property near the city center, inside the TIF district, is going undeveloped.

"No one took the time to take a three minute car ride and look and see that five million dollar building was not there or even under construction," says Sharp, "this is what’s reckless about building real debt on projections."

Jim Brainard is seeking his 6th term in office.  Sharp has been on the city council for over 11 years.