Letters to the Editor do not reflect the opinions of The Reporter, its publisher or its staff. You can submit your own Letter to the Editor by email to News@ReadTheReporter.com.
Dear Editor:
Carmel’s latest profile in perfidy involves the infamous Hotel Carmichael.
What started out as a hotel built free to the taxpayer is now a $43 million hotel with the taxpayers on the hook for at least $18.3 million plus interest.
In 2015, according to published reports, developer Pedcor “guaranteed” two hotels and eight other buildings by 2019 with an investment of $70 to $100 million if the city would provide parking facilities.
A city-financed garage was built as were five of the 10 promised structures. The hotels yet. Actually, two hotels became one.
City Hall publicity consistently promoted this $40 million hotel. The hotel would pay for itself but first the city would provide $18 million and the developer, the $22 million balance.
Why the city would pay $18 million for a free hotel has never been explained.
Now, the Current in Carmel reports total funding for the project is $43.5 million.
The director of the Carmel Redevelopment Commission, which is brokering all this blithely, said the $40 million figure was an early estimate.
Yes, it was, as was the mayor of Carmel’s $17 million early estimate for the $200 million Palladium.
To close this tale, and nominate city officials for the “2019 Public Prevarication Award,” the mayor said delays in building were intentional and will benefit taxpayers.
Delay and deception must have been part of this most expensive of free gifts in city history all along.
Bill Shaffer
Carmel