Massillamany Jeter and Carson Office Building and Local Republican Cash Grab
As I watched the Spark Parade featuring Hamilton County Republican Chairman Mario Massillamany and Indiana Representative Chris Jeter and also watched the Spark fireworks with their law office building in the foreground, I could not help but be reminded of the conflict of interest involved in their obtaining the land and TIF financing of their law firm's office building at 14 Municipal Dr.
Their law firm's building at 14 Municipal Drive is now assessed at $4.35 million dollars. Mario and Chris obtained financing through city-backed TIF. TIFs are generally used to help finance projects where such projects would not normally be developed in an open market. Hard to believe that no developer would have jumped on that land if it was on the open market. I follow local politics and I don't remember hearing that the Fishers Town Hall Building Corporation was looking to develop that land. Hmm
Here is the ridiculously low assessment:
Why does a low assessment matter?
When a TIF district is created, the city captures the property taxes from the growth (the increment) in assessed value. This diverts local property tax revenue that would otherwise go to the school corporation's operations, transportation, and capital funds. The school corporation still receives the property taxes generated by the property's base, pre-TIF assessed value. Yeah! HSE gets tax revenue on $2,400 assessment.
So not only are Mario and Chris getting a sweetheart deal, they are also screwing Hamilton Southeastern Schools by diverting property tax revenue away from the schools.
Here is their tax payment for the $4.35 million property:
Must be nice. I'd be smiling and handing out candy too if I could get this kind of deal from my buddies. Although, I'm not a complete morally bankrupt individual who doesn't mind screwing my neighbors to get ahead. I guess that's on me.