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Public Affairs coverage from our award-winning staff |
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Gary Looking For Bailout
Produced by Michael Puente on Tuesday, January 06, 2009
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Indiana state officials are considering bailing out the city of Gary.City leaders say they could be millions of dollars in the red if helpdoesn't come soon.
Gary is poised to lose $30-million from its budget this year.
The deficit is caused in part by a new state law that puts a 1 percent cap on residential property taxes. Property taxes for businesses could go only to 3.5 percent.
Gary Mayor Rudy Clay took this idea to a state board: Let Gary raise property taxes for businesses to 5.5 percent.
Clay says without the extra money, his city will have to drastically cut city services, including laying off police and fire personnel.
The Indiana Distressed Unit Appeals Board will rule on the request in a few weeks.
The chairman of that board has said he is reluctant to raise the property tax for businesses in Gary, fearing it would drive companies out or keep them away from the already struggling city.
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