City councilors who had reviewed a draft TIF report said they could not release the document, because they were told that the projections were preliminary and the document was not to be distributed.
However, Councilor Rick Sharp said that unless the projections have changed drastically between May and today, TIF revenues will fall short of what is needed.
"They are in a negative position in almost every year of the remaining years to pay off the bonds," Sharp said. "And the shortfall in TIF revenue to debt service will run eight figures."As long as Mayor Jim Brainard's campaign contributors keep getting wealthier from the sweetheart city-backed deals, that's all that really counts. Right?
UPDATE: It looks like TIF revenues alone will come up about $43 million over the life of the CRC's current debt. The report indicated that there will be sufficient revenues, however, to cover the shortfall as long as the supplemental reserve fund established by the council as part of the debt refinancing continues to be properly funded in anticipation of the shortfall, along with additional revenue sources earmarked to help service the debt. The CRC members tried to give the impression the report indicated that the revenues would be available to avoid the need for imposing the special benefits tax; however, that's contingent upon the vigilance of the council in protecting the supplemental reserve fund from being poached by Mayor Brainard or his successors for use on other projects. Apparently, Brainard has already made one such attempt to divert funds since the CRC bailout was approved but was blocked by the council.