The Carmel City Council on June 15 approved using up to $1.5 million from the Carmel Redevelopment Commission’s supplemental reserve fund to cover tax increment financing debt service payments.
The shortfall was caused after Gov. Eric Holcomb delayed property tax collection deadlines because of the COVID-19 pandemic.
As of May 29, the city hadn’t received approximately 8 percent of property tax collections typically due by that time. As the taxes come in, they will automatically repay the CRC fund.
Councilor Sue Finkam said establishing the fund was “good planning” by the city.
“This is why the fund was put in place, this exact purpose,” she said. “If we have unusual circumstances delaying the property tax schedule, we’d have dollars set there.”