A Chicago-based consulting firm on Monday afternoon will divulge the results of a study commissioned by Marion County's
Capital Improvement Board to determine how much the Indiana Pacers contribute to the local economy.
The CIB has been negotiating for months with basketball team executives over who will pay $15 million in annual Conseco Fieldhouse
operating expenses. And the results of the study could help the CIB justify payment to the Pacers.
A provision that allows the Pacers to break its lease after 10 years—if the franchise is losing money—is forcing
the CIB to consider paying the expenses in order to keep the team in the city. Officials say the team lost $30 million in
the 2008-09 season and are claiming “heavy losses” last season as well.
The findings of the study will “shed light on the potential costs and benefits of the scenarios under consideration”
to keep the Pacers from leaving, the CIB said Monday morning in a statement announcing the completion of the study.
Hunden Strategic Partners will release the results at the monthly CIB meeting set for 3 p.m. in Room 102 of the Indiana Convention
Center.
The consulting firm specializing in destination attractions is led by Rob Hunden, a former economic development official
for the Indianapolis Bond Bank during the Goldsmith administration.
Hunden declined to discuss the findings of the study when reached by phone Monday morning.
CIB President Ann Lathrop could not be reached for comment.
If the CIB picks up the annual $15 million tab, the additional expense will add to the board’s already fragile financial
condition.
Members spent much of 2009 grappling to overcome a projected $47 million deficit this year. The board has improved its financial
health by making $26 million in cuts and by avoiding $25.5 million in debt-service reserve payments.
The not-for-profit now is on target to turn the budget deficit into a surplus—additional money that could be used in
negotiations with the Pacers.
Overall, the downtown sports, tourism and convention industries are estimated to generate $3 billion annually, according
to the CIB.
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CIB set to release results of Pacers impact study
Scott Olson
May 10, 2010
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Ameriana Bank took over Westfield Farmers Market for 2013 and it is held in their parking lot, corner of 32 and Carey road, 5 to 8. I am selling soap and candles there. great market!
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B&T certainly has enough of our taxpayer dollars to do this thanks to Mayor Ballard. Given the firm's exceedingly poor reputation in the legal community, the basement would seem a better option.
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Should read MAY hire 20 people.
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Not a good location for a 300,000 home. 10th Street fumes, buses, noise. Max for this location 150,000.
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The state constitution also does not say that the majority has a right to quorum, nor that the minority is required to allow them quorum. In fact, denial of quorum has been a parliamentary maneuver since the establishment of the first parliaments in the early 1600s. The right to deny quorum (and the requirement fore quorum) are to prevent exactly what happened in Indiana: A tyrannical majority pushing through odious, objectionable legislation. Denial of quorum is totally legitimate, and lest we forget, a tactic the GOP has employed many, many times to ensure their issues weren't given short shrift. By allowing the majority to impose "fines" on the minority for exercising the authority the constitution grants them (to deny quorum,) they are violating the constitution.
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http://www.urbanophile.com/category/cities/kansas-city/ (you'll need to scroll down to find the KC discussion)
The mommy doesn't love me anymore argument doesn't work with my kids or for the Pacers. They are responsible for their own actions. If you can't make a profit on $100 million in revenue with a rent free sports arena than it's your own fault.
And they are complaining that they cant afford $15 million?????
Heck, the taxpayers have a right of refusal to buy the Pacers if they break the lease.
The Mayor should be prepared to collect the penalties for breaking the lease and enforce the right to purchase the team for the pennies on the dollar Jim Morris says its worth as a money losing money pit.
They should be happy we took the team off their hands for a handsome price of $1
They should be working to bring the Colts agreement in line with the more fair Pacer agreement. Not the other way around.
Hope the media takes everyone to task for such silliness.
Also, why is Paul Okeson still involved in any of these sensitive negotiations between the Pacers and CIB; his firm Keystone Construction is partnerd with Venture Real Estate (Bales fleggling company) and CBRE to manage CIB facilities. Wouldn't it be great if the Fieldhouse was added to that list of properties to manage and Paul could steer things his team's way? Stinks of conflict of interest and insider dealing! I hope this is brought up ASAP.