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This is why it was so idiotic to delay this project in the first place. Making decisions out of fear during COVID will end up costing the city and the developer hundreds of millions and may result in the project not happening at all. I still am skeptical that the hotel gets built. Kite has had years to get the financing in place and still cannot, despite another $75 mil kicked in by the city.
Had they pressed forward back in 2019/2020 they’d have secured financing at ultra low interest rates and the hotel would be opening next year.
I agree 100% with you on everything you said. Indy has to stop procrastinating on things like this. Either you’re in to make the city look more attractive by developing major projects like this, or get out the way and let our peer cities show us how its done. Indy really has no choice but to see this project through considering Nashville has publicly said they’re coming after some of the events held in Indy, hence why they’re building a new $1.7 billon stadium and sports complex for the Titans. Indy can’t afford to be concervative here. It’s now or never. Plus the city will more than likely have to pitch in on the new soccer stadium as well. We’re at a point of no return folks.
***Seeing is believing, but there’s still nothing to see.****
As Nathaniel Z., I’m starting to wonder about this project getting off the ground.
While Kite and the city have been procrastinating, other projects are being
announced that may complicate the size and scale of this Hilton Signia Hotel.
It’s important that this project meets the size and scale as envisioned.
As Kevin P. has stated, we must commit or we will diminish as a convention city.
Nashville is exploding and will be seen as more attractive if we do not act.
The project needs to be large and appealing. No corners should be cut.
Even with all the extra support and commitment from the city,
Kite still can’t get the financing???
Yeah. Pretty telling, huh? $75 mil from the city and still no financing. This project is a coin toss at best.
Want to know why Indy is a second tier city? Because they act like a second tier city.
I mean, c’mon, they JUST got the extra $75 million within the past 2 days, lol. The additional funds haven’t even had a chance to have an impact on any financing decisions. And Nathaniel, you are obviously prone to hyperbole. This project is just about as sure as it could be.
Marshall, Nobody hopes you’re right more than me. But it’s not hyperbole to acknowledge that we are several years behind schedule with still no financing in place and the city scrambling to make the project viable with extra cash infusions. It’s pretty obvious Kite is unable to secure financing on their own. This project was announced 4 years ago and is still unfunded so being skeptical at this point is well within reason.
So quick to spend taxpayer dollars. If the project can’t get private financing, even with CIB subsidies, then that should be a signal. We all want Indy to have a grand skyline but this isn’t SimCity.
Problem is they HAVE to do this. They’ve made so many promises that for this to not happen now would cost the city more than what they’re spending to try to make it happen. The amount of convention revenue they’d lose would be devastating.
They’ll have to spend whatever it takes to make it happen. Indy is so bad at this.
Nathaniel Z. is absolutely correct, as far as what’s at cost here. Mike M. I know like most taxpayers, its irritating to you to hear the city will spend money to finance projects like this but you have to remember the city is also in the business to make money as well. As stated by Nathaniel Z, Indy has promised our largest conventions that this project will be built and in return those same conventions have agreed to sign extensions with the city to have their events held here for years to come. That means 100’s of millions of dollars will stay in Indy and not be lured by other cities. Indy had been hosting the NFL combine since the 80’s, now we’ll lose it to LA and Vegas. The NFL wants to now let the event travel around to different cities. Trust me, if Indy doesn’t complete this and other projects, the city could lose more than just money but the economy downtown would take a massive hit because conventions and sporting events are the #1 reasons visitors come to Indy.
“Have to”? This is the bargaining position that the CIB created by over-promising future facilities. Don’t you see this is a problem?
Also, most of the tax dollars generated downtown are now included in the recently-expanded PSDA funding the ICC, LOS and the Fieldhouse. You act like the City will lose millions of tax revenue if a 5 day convention goes somewhere else and that’s just not the case. CIB and the City need to stop directing $ to these venues and allow the City to realize more benefits of tourism tax dollars.
There will come a point at which Indy can no longer compete in this arms race. A new strategy will be required – focus less on bigger and more on better.