Investigation: Indianapolis loaned Brad Chambers’ company $86 million. Where’s the money?

The City of Indianapolis loaned Brad Chambers’ company $86 million back in 2011, but where is the money now? The deal, viewed as generous to the developer, required taxpayers to bear the risk. Despite the completion of the CityWay development, Chambers’ company failed to meet the repayment deadlines, leaving the city owed $69 million.

As Chambers campaigns for governor, questions arise about his company’s financial obligations to the city. Critics warn of the red flags surrounding the initial deal, which was struck during the aftermath of the Great Recession. The project, backed by influential companies like Eli Lilly, received significant financial incentives from the city, raising concerns about the city’s role as a lender.

The extension of the loan deadline to December 2023 did not result in repayment, leaving the city in a challenging position. The ongoing loan restricts the city’s ability to address pressing needs like affordable housing and pedestrian safety. Residents express frustration over the allocation of funds and call for accountability from Chambers’ company.

As the situation unfolds, the city faces tough decisions on how to handle the outstanding debt. With Chambers’ company failing to meet its financial obligations, taxpayers are left wondering when the money will be repaid. The impact of this unresolved issue on the city’s finances and future projects remains uncertain.