Commissioner Eason recommends outside analysis of SB 1's effect on redevelopment financing

Commissioner Eason told the Carmel Redevelopment Commission that the governor's recently signed SB 1 property tax bill could affect both the city's general fund and the commission's redevelopment efforts, and recommended an objective third-party financial analysis to clarify the commission's capacity for tax-increment financing and local income tax uses going forward.

"The governor signed SB 1, the property tax bill, which could have effect not only on our general fund, but also our redevelopment efforts going into the future," Eason said. She told commissioners the bill "does open up some opportunities for LIT, but that has a lot of caveats there considering it would be for a number of years, and it would require annual council approval in order to increase any local income tax" tied to bonds or projects.

Eason said the city already has a legal consultant and a financial consultant under engagement agreements and that the commission has not yet begun a separate engagement for this analysis. She said she would coordinate with Mayor Finkham, who has "Kurt Koonrod" looking at general-fund impacts, and that she would talk with Nick Weber and Director Mistesky to avoid duplicating work. Eason said the CRC would receive the third-party data once the engagement begins.

No formal motion or vote was taken during the discussion. Commissioners did not set a timeline or authorize a consultant during the meeting; Eason indicated the next step would be to initiate an engagement and share findings with the commission when available.