Pacers reach out despite pain

February 10, 2009
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Pacers Foundation LogoEven in a time of great economic distress, the Indiana Pacers have kept on giving.

Through grants across Indiana to over 40 organizations, annual scholarship awards and a $500,000 commitment to Common Goal, an initiative spearheaded by the Greater Indianapolis Chamber of Commerce, the Pacers Foundation Inc. eclipsed more than $700,000 in giving in 2008, according to Pacers Foundation Executive Director Jami Marsh.

In making the gift to Common Goal, the Foundation “challenged” the Chamber of Commerce and the community at-large to match the donation and bring the total community investment to at least $1 million. Matching donations by local businesses exceeded that goal by December.

Pacers Sports & Entertainment President Jim Morris told IBJ last week he expects no less giving for the franchise in 2009.

The Pacers Foundation’s funding priorities include: Education, substance abuse, childhood obesity, anti-bullying and issues specific to adolescent and teenage girls. Since September, the Pacers Foundation awarded more than $100,000 in grants to youth-serving organizations across Indiana, including to the Indianapolis-based Fathers & Families Center.

A charitable arm of Pacers Sports & Entertainment, the Pacers Foundation has given millions of dollars via grants, community partnerships, scholarships and tickets to Indiana Pacers and Indiana Fever games. The Foundation’s mission is to encourage Indiana’s youth in making winning life choices. For more information visit www.pacersfoundation.org.
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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

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  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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