Carmel's White Elephant Gets Whiter

Carmel's Palladium

Headline story in the Indianapolis Business Journal (subscription only) is that the taxpayer subsidy for operating Carmel's Palladium is being nearly tripled to $5.5 million.  This is despite the fact that the venue is booked solid and is filled to near capacity for most events.

Mayor Jim Brainard says in the article he hopes to have the subsidy down to $1 million in 3 or 4 years.  It's not clear how that is going to be accomplished.

Last year, the City gave $2 million from its general fund to cover the Palladium's budget of $7.5 million.  IBJ reports that this time money is coming from a private entity that is supported by tax increment funding (TIF) rather than the city's general fund.  Like that makes a difference. Regardless of what governmental pocket the money is taken from, the money initially came from property taxes paid by Carmel residents.  If TIF money is drained off, that is less tax dollars for schools, libraries, roads, etc.