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CIB votes to extend Pacers deal by one year

 IBJ Staff
December 10, 2012
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Pacers Sports & Entertainment will get another $10 million from the city under a one-year contract extension approved Monday afternoon by the Capital Improvement Board of Marion County.

The CIB’s nine-member board voted 8-1 Monday afternoon to extend the team's management contract of Bankers Life Fieldhouse rather than try to negotiate a new, long-term contract. The deal will keep the Pacers in the fieldhouse at least until the middle of 2014.

IBJ first reported the possibility of the contract earlier Monday.

The extension gives CIB officials more time to consider other budget strategies, including possible increases in local car-rental and ticket taxes.

“Sometimes we just get in too big of a hurry,” CIB board member Milt Thompson said Monday afternoon. "An extension in the short term is the most prudent move we can make."

Board member Doug Brown was the only member to vote against the proposal.

The CIB signed a three-year deal in July 2010 to keep the Pacers in Indianapolis. That agreement called for paying the Pacers $33.5 million over three years to compensate the franchise for losses it suffered while operating Bankers Life Fieldhouse.

Under the one-year agreement, the Pacers will get two $5-million payments, one this month and one in April.

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  • CIB
    I would much rather lose this black hole for my tax $$ and get rid of that bunch of tattoo covered, overpaid thugs than have watch my house burn to the ground due to a lack of heroic firefighters. Priorities indeed Mayor Ballard.
  • Deal Doesn't Add Up.
    The Pacers economic impact is $44 million a year. The Arts economic impact is $350 million a year. The Pacers get $10 million a year from the City. The Arts - we're talking the sum total of all arts organizations including such Indiana treasures as the Indianapolis Symphony - get $1 million a year. Someone, somewhere, tell me how this makes any sense fiscally or otherwise? I'd rather lose the Pacers than our symphony. Indy, let's get your priorities straight.
  • What kind of deal is this?
    This is a loser; if the Pacers can find a better deal let them leave. There is no shame in it. Let’s make sure we have our priorities right, so we can make budget decisions critical for the success of our city.
  • CIB
    It isn't a negotiation...it is a corrupt payment.
  • CIB
    Until someone with some legal clout or a class action lawsuit is organized these guys will keep doing stuff like this. Time for a new mayor who will abolish CIB. Hey...if the teachers can mobilize to oust Tony Bennett I would think the general public can mobilize to terminate CIB.
  • Wow
    Wow, after 3 years of early termination talks, subsidized with $33.5+ million of out of contract payments to the Pacers, our Mayor/CIB just gave them $10 million more in return for nothing. Nothing. My 13 year old daughter has better negotiation skills than the Mayor/CIB.
    • Revolt and Demand the Resignations
      Outrageous: CIB Votes To Give Another $10 Million To Billionaire Herb Simon http://www.advanceindiana.com/
    • LISTEN TO THIS!!
      The CIB Saga http://www.indypolitics.org/post/37664512874
    • The C word
      Everyone's afraid to call this what it is: corruption.
    • The 'C' word everyone's afraid to say
      Call it what it is. Corruption.
    • Contract Extention?
      It is deceitful to characterize this as a contract extension. The Pacers contract is not scheduled to expire for many years. They chose to give an additional $10 million taxpayer gift, in addition to the previous $33.5 million gift, to a billionaire owner and his millionaire players because they complained their deal was not as generous as the Colts contract. Please recall when the CIB was facing bankruptcy and the city tried to reopen talks with the Colts & Pacers, they told us a contract was a contract and flipped us off. The insult to injury was that after the CIB plead poverty and the Colts/Pacers told us to buzz off, they raised taxes and immediately gave the Pacers $33.5 million. Now the city has a huge budget hole, the city council asks for $10 million transfer from the CIB & the Mayor veto's it and now gives $10 million to the Pacers with a promise to raise even more taxes. This is completely out of control.

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