The agency, which operates the Indiana Convention Center, Lucas Oil Stadium, Bankers Life Fieldhouse and Victory Field, was hit hard by the pandemic, with annual revenue off more than 50% from the previous year.
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The steps taken by the Capital Improvement Board of Marion County included putting five members of its executive staff on indefinite leave.
The program, called the Hospitality Establishment Lifeline Program, will provide grants to Marion County bars, restaurants and live entertainment venues that pay food and beverage taxes.
While the convention center began seeing some activity during July, those events had very little impact on the venue’s operating income for the month.
Overall attendance at Indiana Convention Center events has stagnated, but annual major conventions have seen explosive growth.
The Capital Improvement Board of Marion County approved a $132.3 million budget for 2021 during its Friday board meeting—a reduction of 26.4% from this year’s budget.
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.
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.
The head of the Capital Improvement Board of Marion County, which owns and manages the Indiana Convention Center and Lucas Oil Stadium, on Friday acknowledged there will be an “obvious impact” from the virus.
Officials say no events have been canceled locally, but groups—including the NCAA and Visit Indy—are watching the news and weighing their options.
The board approved eight bids—mostly to local firms—for the first and second phases of the $360 million project.
The law, which passed with bipartisan support in April, created funding plans for most of a $360 million renovation of Bankers Life Fieldhouse and the construction of a $150 million soccer stadium for the Indy Eleven by diverting millions of dollars in annual state tax revenue to the Capital Improvement Board.
The board carries $56 million in liability insurance for its facilities, including a $1 million general liability policy and a $55 million umbrella policy.
The move pushes forward the Capital Improvement Board’s deal with the Pacers, which calls for more than $360 million in renovations to Bankers Life Fieldhouse.
The 43-year-old Indianapolis native will have to carry out a slate of calculated moves designed to give the quasi-government agency a more sound financial future, including a 25-year vision.
A committee of the Indianapolis City-County Council has signed off on bonds and financing the Capital Improvement Board needs for its share of the $360 million overhaul of Bankers Life Fieldhouse.
The Indianapolis City-County Council on Monday overwhelmingly approved proposals to help fund the Capital Improvement Board’s long-term strategic plan, including chipping in $270 million to help fund a massive overhaul of Bankers Life Fieldhouse.
The Rules and Public Policy Committee on Tuesday decided to table two items related to a long-term deal with the Indiana Pacers.
Andrew Mallon, corporation counsel for the city of Indianapolis, was approved Friday morning as executive director of the Capital Improvement Board, replacing longtime leader Barney Levengood.
The Metropolitan Development Commission voted unanimously Wednesday to approve a resolution expanding the city’s primary professional sports development area, or PSDA, to include nine additional downtown hotels.