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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
    FletchmonDecember 11, 2012 5:06 PM
    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.
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  • Deal Doesn't Add Up.
    GEORGE EVANSDecember 11, 2012 2:05 PM
    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.
    Reply to CommentFlag Comment
  • What kind of deal is this?
    JR.December 11, 2012 9:23 AM
    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.
    Reply to CommentFlag Comment
  • CIB
    FletchmonDecember 10, 2012 10:56 PM
    It isn't a negotiation...it is a corrupt payment.
    Reply to CommentFlag Comment
  • CIB
    FletchmonDecember 10, 2012 10:48 PM
    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.
    Reply to CommentFlag Comment
  • Wow
    Negociations 101December 10, 2012 6:28 PM
    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.
    Reply to CommentFlag Comment
    • Revolt and Demand the Resignations
      Advance IndianaDecember 10, 2012 6:06 PM
      Outrageous: CIB Votes To Give Another $10 Million To Billionaire Herb Simon http://www.advanceindiana.com/
      Reply to CommentFlag Comment
    • LISTEN TO THIS!!
      AbdulDecember 10, 2012 6:02 PM
      The CIB Saga http://www.indypolitics.org/post/37664512874
      Reply to CommentFlag Comment
    • The C word
      MichaelDecember 10, 2012 5:56 PM
      Everyone's afraid to call this what it is: corruption.
      Reply to CommentFlag Comment
    • The 'C' word everyone's afraid to say
      MichaelDecember 10, 2012 5:55 PM
      Call it what it is. Corruption.
      Reply to CommentFlag Comment
    • Contract Extention?
      NickDecember 10, 2012 5:38 PM
      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.
      Reply to CommentFlag Comment

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    1. So the Mayor adds another non value added layer to having a vehicle towed? Whereby the City Government RECIEVES AN ILLEGAL KICKBACK FROM A LGOISTICS COMPANY THAT SUBS THE WORK TO LOCAL TOW COMPANIES? What is the service the City performs for receiving the "tribute"? This is RICO!!!!! What a corrupt and unnecessary layer. What a dirtbag Mayor and his cronies.

    2. Owner occupied housing. Clear enough?

    3. So people think I am paranoid. It's from experience in dealing with puds requested by developers who make major donations themselves to representatives, have nice fund raisers for those running for office and hide through pac's. then there are the public relation firms. You will note some pr comments below. You there Clyde Lee? My opinion. Commercial along 421, great. Multifamily housing, terrible idea that will change the town. Senior condos or zero lot line homes west, great. I suggest keeping all entries to commercial areas at 421. All entries to owner occupied on sycamore. Will keep the traffic on sycamore down some. Two other things. You can't trust what will be there in 10 years. Steve builds quality stuff, but areas change over time. Look at the changes at the wall mart center at 86th and 421 over the last 10 years. Look at the apartments and neighborhoods behind St Vincent's. Raintree properties WILL decrease in value if commercial and multifamily goes in near. It has already been happening around the bridges area. The houses that have been sold recently are way below market. Several deals not closed due to the Illinois construction and the whole unsurety of the bridges. It's pretty simple, Zionsville will approve the whole thing because the city council has been groomed over a LONG period of time for this. I might even suggest some are in their position as a result of this.

    4. Esta, do you have a dog in this fight? You seem to really want to knock anyone against this project. No, I didn't move to Indiana for the architecture. I moved here for that red barn in the field. The horses and fields of corn. A place that is NOT overdeveloped. There are plenty of nearby places in Indianapolis that could be REDEVELOPED instead.

    5. RKW - OK, we get it, you're paranoid. The question is, are you paranoid enough? Greg - Yes, Pittman(s) is (are) at it again. They are developers, they build things. It's what they do. So when you go to work tomorrow, Greg, you're at it again too. Cliff - Really? You moved to Indiana for its progressive architecture? That's like moving to England for the cuisine. Zionsvillain - The house you moved to was once a field or woods. I'm willing to bet folks were upset when that ground was plowed under and a house was built. But I guess now that you are in, everything should stop? "My house was OK, but the next one is sprawl." SE Guy - Please don't paint us with such a wide brush. Most reasonable Zionsville residents welcome planned, measured development.

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