Capital Improvement Board

Lean years loom for Capital Improvement Board

September 20, 2014
Kathleen McLaughlin
The Capital Improvement Board is headed for lean years, but it’s not for a lack of resources. The entity that oversees downtown convention and sports venues faces payment of two big debts.
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CIB to provide $5M for natatorium maintenance

August 11, 2014
Kathleen McLaughlin
The Capital Improvement Board of Managers of Marion County voted Monday to give the Indiana Sports Corp. $500,000 a year for the next 10 years to create a reserve fund for maintenance on the IU Natatorium at IUPUI.
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Herb Simon: $160M Pacer deal helps heirs

April 26, 2014
Herb Simon, 79, says the $160 million deal the city struck with the Indiana Pacers this month for operating costs and stadium improvements is an outgrowth of negotiations that began way back in 2007.
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CIB OKs Pacers subsidy after promise of no additional taxes

April 14, 2014
Anthony Schoettle
The city’s Capital Improvement Board on Monday afternoon unanimously approved a $160 million, 10-year finance package to the Indiana Pacers for the operations of Bankers Life Fieldhouse.
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CIB chief: $160M Pacers deal won't require tax hike

April 11, 2014
Greg Andrews
CIB President Ann Lathrop said Friday that debt refinancings at low interest rates have freed up money to fund capital projects at the 14-year-old Bankers Life Fieldhouse.
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Stephen Simon surfaces as Pacers' heir apparent

April 11, 2014
Greg Andrews, Kathleen McLaughlin, Scott Olson, Anthony Schoettle
Stephen Simon has been increasingly involved with the team since his father, Herb, acquired full ownership of the franchise before the death of Herb's brother Melvin in 2009.
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UPDATE: City reaches $160M deal with Pacers

April 10, 2014
Greg Andrews, Cory Schouten
The city's Capital Improvement Board will spend $160 million over 10 years on subsidy payments and stadium improvements for the Indiana Pacers in exchange for a lease extension through the 2023-2024 season.
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Mayor pushing plan to use city funds to upgrade Natatorium

November 27, 2013
Anthony Schoettle
Mayor Greg Ballard is proposing to pay about half of the $20 million needed to upgrade the Natatorium at IUPUI. The city's Capital Improvement Board is also considering setting aside tax revenue for operation expenses.
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CIB prepared to give Pacers another $11 million

August 28, 2013
Scott Olson
The Capital Improvement Board of Marion County is prepared to give the Pacers another $11 million to offset losses from operating Bakers Life Fieldhouse as it continues to negotiate a long-term contract with the team.
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Pence signs measure overhauling Marion County government

May 11, 2013
 IBJ Staff
Indiana Gov. Mike Pence on Saturday signed a bill into law that reshapes Marion County government through the elimination of four at-large City-County Council seats and other changes.
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Colts confident they can sell new luxury suites

April 16, 2013
Anthony Schoettle
Colts officials say local demand remains high for suites, even as other NFL teams struggle, and that season-ticket renewals are at 95 percent. The city will foot the $2 million bill for two new suites at Lucas Oil Stadium.
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CIB cuts price on Ober Building after inspections

February 11, 2013
Cory Schouten
The Capital Improvement Board of Marion County has agreed to slash its sale price on downtown's Ober Building by $700,000 after inspections showed problems including a leaky roof and damaged HVAC system.
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Mahern wants council members to disclose free game tix

January 25, 2013
Kathleen McLaughlin
The Indianapolis City-County Council is poised to approve a huge increase in ticket taxes on professional sports, and one council member wants to make sure those voting on the hike disclose the freebies they get for Pacers and Colts games.
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Ballard may wrest management of fieldhouse from Pacers

December 22, 2012
Kathleen McLaughlin
Indianapolis recently agreed to pay $10 million to help Pacers Sports & Entertainment run Bankers Life Fieldhouse for another year, but Mayor Greg Ballard wants to find out in the meantime whether the city can get a better deal on the venue’s management.
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CIB to consider 1-year extension with Pacers, source says

December 10, 2012
Kathleen McLaughlin
The Capital Improvement Board of Marion County is expected to seek a one-year extension of its current lease deal with Pacers Sports & Entertainment, according to a former board member and current Indianapolis city-county councilor.
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New NBA revenue split gives Pacers cash infusionRestricted Content

November 24, 2012
Anthony Schoettle
The NBA’s new collective bargaining agreement will dramatically boost the amount of money the Indiana Pacers get from the league, but it won’t be enough to put the team in the black.
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CIB to fight council's attempt to take $15 million

November 1, 2012
Kathleen McLaughlin, Scott Olson
The Capital Improvement Board's directors voted Thursday afternoon on three actions that will circumvent the $15 million payment-in-lieu-of-taxes, or PILOT, which the Indianapolis City-County Council included in the CIB's budget.
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EDITORIAL: Council's $15M CIB raid is shortsightedRestricted Content

October 20, 2012
 IBJ Staff
Democrats on the Indianapolis City-County Council who voted to plug a hole in the city budget by charging the Capital Improvement Board $15 million risk creating more problems than they solved.
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City-County Council passes controversial budget

October 15, 2012
Kathleen McLaughlin
The Indianapolis City-County Council approved a budget Monday night that relies on a $15 million payment from a tax-exempt entity, likely setting the stage for a legal battle, plus difficult negotiations with Mayor Greg Ballard.
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State Senate leader warns city about raiding CIB funds

October 11, 2012
Scott Olson
Council Democrats want to take funds from the Capital Improvement Board's $67 million cash reserve to help shore up the city's budget. But State Sen. Luke Kenley lobbed a threat that might make them think twice about pursuing the proposal.
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CIB standing firm against city plan to tap reserves

October 9, 2012
Scott Olson
The Capital Improvement Board on Monday adopted a formal resolution opposing a plan by some City-County Council Democrats to tap CIB coffers to plug the city's budget gap.
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MDC approves CIB's sale of building to Steak n Shake

September 5, 2012
 IBJ Staff
The Metropolitan Development Commission on Wednesday approved a resolution allowing the Capital Improvement Board of Marion County to sell the Ober Building in downtown Indianapolis to the Steak n Shake restaurant chain.
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Steak n Shake paying $3.8M for Ober Building

September 4, 2012
Cory Schouten
An affiliate of the Steak n Shake restaurant chain has agreed to pay $3.8 million to acquire downtown's Ober Building from the Capital Improvement Board of Marion County. The restaurant chain likely will move its headquarters to the 1910 building.
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Playoffs?! CIB predicts Colts won't host postseason game

August 14, 2012
J.K. Wall
The city entity that owns Lucas Oil Stadium, where the Colts play their home games, budgeted $1 million less in admission-tax revenue for 2013 for one reason: The board does not expect the Colts to host any playoff games.
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CIB plans $5M repair to Capitol Commons plaza

August 14, 2012
J.K. Wall
The project is part of a $63.9 million operating budget board members approved for 2013, which is lower than the current year's budget because it doesn't include Super Bowl costs or special payments to the Indiana Pacers.
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