Northwest Indiana Discussion

Story ran at a newspaper's website, that Hammond, both the school city and civil city, are taking out loans from our rich uncle, Porter County. The usual unclear writing leaves a definitive answer unclear, but it appears that the schools are borrowing at 1.5% and the city is going to be borrowing at 3.85%. Is Hammond's credit that bad? Municipal bonds with such a yield are all in the BBB rating neighborhood. Even regular prime interest loans from banks is more than a a half percent lower than that. I don't remember McDermott blathering about this on his taxpayer paid for radio show. You know, the one whose purpose he insists is to keep residents informed? Any council action on this? Does McDermott run city finances like his own?

http://www.nwitimes.com/news/local/port ... _form=true

how can that be?...Hammond had all kinds of money to spend on golf courses, college tuitions, festivals and other friviolous spending...in fact,..according to sparks, Hammond would be a much better place if the taxpayers foot the bill for his own kids tuition...

however he failed to explain just ''how'' it was going to be better...

That answers why Tom didn't air the city budget in front of the city council.

Today on Tom's radio show someone asked Gary Schueb about the $14,000,000 Lake County Budget shortfall and with Jr opening so many new TIFF's, it took revenue away from Lake County.

Tommie wouldn't answer the question, only saying the gentlemen was incorrect.

If that is so Tom, why is the written book of knowledge TIFF's don't fund general school budgets, libraries, police, fire and other city services. Must be Tom has written his own book, slick willie!

Could you please give us a brief explanation of TIFF's Chuck? I thought not.

"I thought not" is the sum and essence of xmpt's cognitive capacity. In Hammond's case with Potash, PROPERTY TAX DOLLARS will be commited to pay for 1) A 10 million dollar check to Potash, and 2) 1.5 million dollars in interest and fees associated with a TIF bond offering. Just as you can't have your cake and eat it too, PROPERTY TAX DOLLARS cannot be spent more than once. As 11.5 million PROPERTY TAX DOLLARS will go to the Potash TIF, those dollars cannot go to schools, public safety, or other local services. The refrain from McDermott and his groupies is that we can't find money to provide "vital" public services. Seems he found 10 million pretty easily to make a generous gift from pauper taxpayers to a multi-billion dollar multi-national. But back to the topic. Who else is Hammond in hock to? Does Hammond still owe money to Horseshoe? Did Highland ever get paid back? Why are we borrowing from Porter? Have the credit markets looked at Hammond's finances and prospects?

Well Hammond still owes about $7,500,000 on the casino debt loan to build that $35,700,000 Charter School. Tom has been very quite on cost over runs that padded the cost. Lets not forget the &7,000,000 the Hammond School City lost in this deal.

What inquiring minds want to know is why did Hammond have to float a $14,000,000 loan from porter county? No budget hearings Tom?

Come on Tommie are u stealing a few bucks?

Hey, your the Pres right? One liners... nice.

How comprehensive is that audit X?

I hear a number of elected officials attempted to put the squeeze, Lake County Style, on a major corporation.... I understand their law department made a call to those boys in gold badges...

It sure did take a long time to charge al. I believe they have 5 years from the date of an incident, unless...... unless it involves your taxes.....then the window ever closes.....opps!

And how much was that property paying in taxes before Potash?

Schools are another matter altogether.

Xmpt, you do know that the TIF area that will pay 10 million to Potash is a much wider geographic area than just the proposed Potash site? That it comprises scores of parcels that have nothing to do with Potash? That there may already be millions of dollars banked in the TIF before Potash makes their first property tax payment? That a large part of the Potash development will be railroad and tax exempt? Xmpt?

So if a TIF in this area brings more developement wouldn't that be a good thing? Have you seen these parcels?

How much was this property paying in taxes before the Potash? lubu?

As always, when dealing with Hammond/Gary/East Chicago/Whiting, the "ifs" are mighty big. See Woodmar, the K-Mart Plaza, Cabela's, and that God-forsaken apartment complex, whatever it was called.

Good point. How much property tax was the golf club paying, especially being assessed as farm land. How mush was Kmart paying after they closed down? As you well know the same private developer owns Kmart and Woodmar, have some patience and I think you will see the results of not developing when given tax incentives. If you want to argue the disadvantages of closing a crime ridden aparmtent complex you'll have to do that by yourself.

And how much development has the TIFF for Cabela's brought in? It's now been 5 years since Cabela's opened and not a single outlot has been filled. No hotel ... where is the waterpark?

Wasn't the Mayor's line that Interstate Plaza was the most valuable property in the City? I guess Burlington Coat Factory doesn't know a value when they see it.

7 years later and Woodmar is just a shell.

The Walmart property has now been open a year and not a single outlot has been started on. What happened to the 2 hotels and 3 restaurants that were promised in the original proposal?

In 2007, there were 37 TIFF's in the City of Hammond. The vast majority of them at that point were initiated by McDermott Sr and Dedelow. But since that time McDermott Jr has entered into a number of TIFF agreements while others were closed.

Tiff's only work when they draw broad development brought in by an initial tax incentive. How long do we need to wait for the development benefits of a TIFF before calling it a bust? 3 years? 5 years? 7 years?

So why not just call McDermott Jr's supposed Economic Developments what they are .... Failures!

The Mayor can't make Markopoulous develop his property anymore then he can make a resident paint there house. Cabelas just got out of the flood plain and anything on Kennedy ave. is better then the crime ridden apartments that were there. I would expect some news on that property soon the same for the Super Wal Mart that was built on a contaminated slag heap. I guess it is natural for some people to always see the dark side.

If a resident, an ordinary person residing in the city of Hammond does not paint their house, Code Enforcement would write them up, tell them they have so many days to paint their house, and if they do not comply, take them to court and fine them. Why are certain businesses exempt?