The plan introduced Thursday night charges the CIB a payment in lieu of taxes (also known as a PILOT). The price tag is around $15 million.
Chamber President and CEO Scott Miller released a statement Friday condemning the council’s move.
“The City-County Council`s Municipal Corporations Committee`s decision to raid the CIB budget by addressing a long-term problem with a short-term solution is irresponsible and creates a fiscal cliff that would be a detriment to long term stability, economic attractiveness and job growth in our city,” Miller said in the statement.
He continued, “We urge the council to reject this measure and instead seek a consistent, long-term solution to this budget shortfall.”
The proposal goes in front of the full council at its next meeting on Monday.