A Step in the Right Direction

As many know, I have been opposing the use of TIF districts to fund private development since 2007, when the Fishers Town Council pledged TIF funds to a redevelopment of downtown, and a project called Riverplace in the southwest corner of Fishers on 96th between Allisonville and the White River. Both of these proposals, enthusiastically backed by town leaders, were total and abject failures.  And in 2014, I objected to the TIF financing of the existing downtown projects, which are so risky that the developers of the "Depot" and "Switch" projects could not get private financing or bank loans and still make a profit on these deals.

But perhaps they did listen to me and the increasing chorus of voices complaining about these taxpayer handouts, which I had criticized as corporate welfare.  The newest downtown project will go in on Maple Street, buying a lot which had previously been purchased by the Fishers Redevelopment Commission, and will house a real estate company.  Even better, this business is not asking for any TIF funds nor even a tax abatement. They are getting a waiver of some impact and other fees.

So in a complete reversal of prior projects, which gave away public land for free and tens of millions of borrowed dollars to make it work, this project pays for the land, will pay future taxes, and likely create new jobs.

There is only one downside that I can see so far - the property is still in the downtown TIF, so the increase (called an increment) of new real estate taxes will go to pay for the TIF loans for other projects, and not to the general tax base to pay for necessary government operations such as police and fire services, among other things.

I have been strongly critical of TIFs, and I will continue that. I feel that they are fiscally irresponsible, non-transparent, and easily subject to abuse. They create winners and losers, making non-TIF taxpayers fund the bill for basic government services, and subsidize new business over old.

But the members of the Fishers government will hardly give me credit for any of this, but perhaps they are listening after all. And if elected to the City Council, I will continue to voice and fight for the citizens, whether or not anyone else is listening.