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Dear Editor:
The Carmel Redevelopment Commission has a problem:
Arithmetic.
The principal and interest payments due this year on the Hotel Carmichael bonds total $2.2 million according to the Indiana Department of Local Government data provided by the city.
The property tax revenue generated by the hotel this year totals $200,000 according to Hamilton County data.
The Carmel experiment claims tax revenues will pay down money borrowed to build things like Hotel Carmichael.
This year the experiment proves one-eleventh valid.
Bill Shaffer
Carmel
Were hotel profits suppose to pay for the bonds? I understood that a building owned by the City or Carmel or Carmel Redevelopment Commission doesn’t pay real estate taxes? You need 86% occupancy to generate a profit on this hotel. The National average is 60% occupancy.That is why no investors were found to build a hotel like this. Carmel taxpayers are doomed to pay millions each year to pay the hotels debt so Brainard can brag about how nice the place it