CRC fund covers shortfall caused by property tax collection delay

0

Finkam

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.”


Current Morning Briefing Logo

Stay CURRENT with our daily newsletter (M-F) and breaking news alerts delivered to your inbox for free!

Select list(s) to subscribe to



By submitting this form, you are consenting to receive marketing emails from: Current Publishing, 30 S. Range Line Road, Carmel, IN, 46032, https://www.youarecurrent.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Share.