By JEFF WORRELL
Carmel Cents
When the words “spending” and “Carmel” are used in the same sentence, it is often in the context of someone trying to criticize the city and use scare tactics about how the sky is falling.
However, there’s a different kind of spending that is happening in Carmel more frequently than those self-proclaimed pundits would like to admit – private entities who are investing their dollars within our city limits instead of anywhere else in the world. Why? And why is that a good thing?
It’s not uncommon to see a local TV station report on a $25 million investment by a private company coming to Indianapolis. Yet in Carmel, $200 million in private investment is just another routine series of major economic announcements. Why do companies like GEICO, Allied Solutions, Republic or any of the other 118 corporate entities now in Carmel want to invest their money here?
It’s because Carmel has invested in itself.
When looking to move or build a corporate headquarters, almost every company emphasizes the ability to attract and retain employees as a primary objective. Over the last 20 years, Carmel has prioritized enhanced amenities that do just that. Roundabouts, cultural attractions, streetscapes, public spaces, free parking, and access to nightlife are the kinds of things companies searching for a new location are looking for. Add in great schools, a safe community, and low taxes (we’ll get to that in a minute), and you get a winning recipe for success – one that leaders from across Indiana and throughout the country have been trying to replicate.
But why does this private investment matter? LOW TAXES! In Indiana, commercial property taxes are capped at 3 percent of assessed value, three times that of residential property taxes. When you figure that a typical retail strip mall might generate $120,000 in annual tax revenue but a corporate headquarters on the same piece of land can easily generate $400,000 in tax revenue, it’s obvious to see how attracting private investment positively impacts the tax owed by residential property owners. The extra dollars go to support police, fire, parks, streets, etc., all while ensuring residential taxes in Carmel are the fifth-lowest in Indiana. This doesn’t even take into account the increased income and sales taxes that come along with the jobs filling the corporate HQs.
In Carmel, the investments the city has made have paid off time and time again as private companies have invested their money into our community. The result is a world-class city with quality amenities and low taxes for our residents.
Spending in Carmel isn’t a problem; it’s the reason for our success.
Jeff Worrell is one of three At-Large members on the Carmel City Council.
Your massive debt is a huge problem. No amount of smiling and lying is going to get you out of it. Anyone that would vote for this guy for Mayor needs to do more research on corruption and cronyism.
Sorry Bethesda, but respectfully, you are wrong. Carmel has one of the highest bond ratings you can have and debt amount isn’t as important as cash flow. Carmel generates significant cash flow through what Jeff is writing about, thus they can easily support the debt.
Maybe do some research to see for yourself instead of trumpeting empty arguments.