The city will not subsidize construction of Kite’s two hotels on the site but will ask the City-County Council to authorize a $150 million bond to finance an addition to the Indiana Convention Center.
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The CIB, which operates the Indiana Convention Center and Lucas Oil Stadium, on Friday said May income fell significantly short of both previous-year and budgeted totals because of the pandemic.
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With no new business in April and downtown hotel occupancy stuck below 8% since late March, the agency overseeing the Indiana Convention Center and Lucas Oil Stadium has seen revenue crater.
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The tourism bureau’s 62 employees will see their work weeks cut to four days through at least April.
Read MoreStates and municipalities throughout the country are expected to miss out on about $16.8 billion in taxes this year because of the pandemic’s impact on the hospitality industry, a new study says.
Podcast host Mason King talks with IBJ reporters Lindsey Erdody and Mickey Shuey about the legislation the General Assembly passed to help fund a 25-year, $800 million deal with the Indiana Pacers.
State lawmakers are done making changes to legislation that would provide millions in additional revenue to the Capital Improvement Board, help keep the Indiana Pacers in Indianapolis for the next 25 years and potentially support a permanent soccer stadium for the Indy Eleven.
A bill filed by Senate Appropriations Chairman Ryan Mishler would extend the life of multiple tourism- and entertainment-related taxes that help fund the Capital Improvement Board and expand the footprint of what’s known as the Professional Sports Development Area to capture even more tax revenue for the CIB. But there’s a catch.
The Capital Improvement Board of Managers will ask lawmakers for more long-term funding that could be used in part for improvements at Bankers Life Fieldhouse. The governor says he’s ready to listen.
The Fishers Chamber of Commerce and some individual business owners are on opposite sides of a debate over imposing a 1-percent food-and-beverage tax to help fund economic development efforts in the town.
Legislator says the recent tax increases aren’t being used for the purpose intended when such increases were authorized in 2009.
Some Indiana mayors, desperate for revenue, think it’s time for "payments-in-lieu-of-taxes."
A little more than six months before the 2010 NCAA men’s Final Four is set to tip off at Lucas Oil Stadium, the NCAA
has not yet finalized a rental deal for the facility. While officials for the NCAA and Local Organizing Committee,
the group charged with operating the event in Indianapolis, downplay any problems, sports business experts say it is unusual
not to have an agreement pinned down in the months leading up to the event.
The financial condition of the city’s Capital Improvement Board, though improving, is still dire enough that employees
of the Indiana Convention Center could be subjected to more unpaid furloughs or layoffs.
The idea of the not-for-profit Indianapolis Convention & Visitors Association taking out a loan was not warmly received by
city officials. And financial institutions were less than thrilled with the idea given the ICVA’s diminishing revenue
and increasing costs.
Members of the Indianapolis Capital Improvement Board this afternoon passed a $63 million budget for 2010 that hinges on the
City-County Council’s approval of a hike in the local hotel tax.
The Indianapolis Convention & Visitors Association is so desperate for more marketing funding, the organization charged
with promoting the city as a convention and tourism destination is considering taking out a loan. While that
would be the last resort, ICVA CEO Don Welsh said it is one he will have to consider if the money can’t be raised through
local taxes.
Well-intentioned or not, competent or not, the so-called “leaders” [sports columnist Bill Benner] referenced in your [May 4] column failed miserably in representing the best interests of taxpayers and instead presided over an unconscionable transfer of wealth from “We the people” to a small number of professional sports owners and players.
If a city really wants to attract people to its city (to live and visit), it has to become a better city, but to become a better city it has to know what it is and what it wants to be and what it can be.
When we read that all the Democrats in the House voted against all the Republicans in the House on a given issue, we know independence has been cruelly killed by the leadership of each party. The same applies to the Senate.
The Marion County Capital Improvement Board’s bailout depends on the success of Indianapolis’ new downtown JW Marriott convention hotel.
Raising Indianapolis’ tax on hotel rooms — already one of the highest rates in the nation — could be the tipping
point that causes conventioneers to bypass Indianapolis, some industry experts say.
I agree 100 percent that Colts’ owner Jim Irsay should step up to the plate to help bail out the Capital Improvement Board debt and that Colts’ ticket holders should be taxed.
The development of shopping, restaurants, museums, public arts and hotels downtown in the past 25 years has made Indianapolis
a vibrant, more interesting place to live—and to visit.
