Accoding to a report in the IndyStar, former Secretary of Commerce Brad Chambers’ gubernatorial campaign has been marred by revelations surrounding his real estate company’s failure to fulfill its financial obligations to the city of Indianapolis. Despite touting his business acumen as a key qualification for governorship, Chambers’ company, Buckingham Companies, has fallen short of repayment deadlines set by the city, leaving taxpayers on the hook for millions of dollars.

The saga dates back to 2011 when the city agreed to issue nearly $100 million in bonds, loaning $86 million to Chambers’ company for the development of CityWay in downtown Indianapolis. Despite the project’s completion and significant contributions to the area’s revitalization, Chambers’ company missed deadlines in both 2021 and 2023 to repay the loan, leaving an outstanding balance of approximately $69 million.

Critics argue that the deal, which shifted much of the financial risk onto taxpayers, was overly generous and lacked proper oversight. While Chambers’ campaign has dismissed criticisms as political attacks, the failure to repay the loan raises questions about his ability to manage public finances if elected governor.

The extension granted to Chambers’ company in 2021, citing pandemic-related challenges, further complicates the situation. Despite refinancing efforts and adjustments to the repayment terms, the company still failed to meet the revised deadline, exacerbating concerns about accountability and fiscal responsibility.

City officials remain tight-lipped about potential repercussions, with Mayor Joe Hogsett declining interviews and deferring questions to the Indianapolis Local Public Improvement Bond Bank. The ongoing uncertainty surrounding the repayment leaves taxpayers in limbo, limiting the city’s ability to address pressing issues such as affordable housing and pedestrian safety.

While Chambers’ campaign maintains that his company has operated appropriately, critics argue that developers often receive preferential treatment at the expense of taxpayers. With millions invested in his gubernatorial bid, Chambers faces mounting pressure to resolve the outstanding debt and restore trust with the electorate.

As the primary election approaches, voters are left to ponder whether Chambers’ business background qualifies him to lead the state, or if his failure to fulfill financial obligations raises concerns about his suitability for office. In a city grappling with budget constraints and competing priorities, the fallout from the CityWay deal serves as a cautionary tale about the pitfalls of public-private partnerships and the importance of transparent governance.