The CIB is buying the property as a strategic acquisition tied to the ongoing redevelopment of Pan Am Plaza.
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The retractable roof at Lucas Oil Stadium has been repaired after a system malfunction prevented it from opening for the Indianapolis Colts’ preseason opener Sunday.
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Leaders of the Capital Improvement Board of Marion County, which operates of the stadium and Indiana Convention Center, want control of the parcel to guarantee adequate space for storing semis and staging events as the city’s sports and tourism industry grows.
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The NFL Players Association last year called on six venues to change their playing surfaces, saying the turf in those stadiums resulted in “statistically higher in-game injury rates.”
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A large portion of the board’s new expenses are tied to major ongoing projects, including the hotel and convention center expansion project at Pan Am Plaza, as well as efforts to secure an MLS expansion club.
AES Indiana, which owns a half-acre parking lot at 355 E. Pearl St., just east of Alabama Street, confirmed to IBJ that the company is “currently discussing its sale with a third party.”
The Capital Improvement Board on Friday approved a $180.4 million budget for 2024, up from about $155 million last year.
The appointment of longtime real estate attorney Marci Reddick follows the resignation of Melina Kennedy, who this month begins her job as CEO of the Central Indiana Corporate Partnership.
The additional financial support will come from the Capital Improvement Board’s fund balance, which was bolstered in October with $50 million in revenue replacement funds through the federal American Rescue Plan Act.
The organization that oversees the Indiana Convention Center, Lucas Oil Stadium and other Indianapolis sports venues is projecting tourism industry business to return to pre-pandemic levels next year as part of its budgeting process.
A $28.5 million Lilly Endowment Inc. grant will provide funding for plaza amenities including sculptures by Honduras-based artist Herman Mejia, a community basketball court/ice rink and public restrooms.
Nearly two years into the pandemic, the agency that oversees the convention center, Lucas Oil Stadium and other sports venues has been able to pay its bills without layoffs or long-term facilities closures.
The Spring League, a developmental football association formed in 2017, racked up some $1.4 million in unpaid bills during a nine-week stay in Indianapolis last spring.
The improvements will bring new, higher-definition video boards to the northwest and southeast corners of the bowl, along with new video-ribbon displays, an upgraded sound system, new carpet and furniture, and an area in the team’s locker room for female football personnel.
The submissions—which are forerunners to formal bids—detail the city’s interesting in hosting the NFL scouting combine from 2023 to 2027 and the the draft in either 2025 or 2027.
The operator of the city’s convention facilities reported its best monthly financial performance since the pandemic led the Indiana Convention Center to temporarily close down in March 2020.
The Capital Improvement Board of Marion County is working to balance its budget and rebuild its reserves after a year in which it fell $40 million into the red.
The aging system has created friction between the CIB and some users of the convention center—most notably Gen Con, which wrote in 2018 emails it was concerned the Wi-Fi system was falling short of meeting its needs.
The company said Wednesday it plans to install its 5G+ service in the seating bowl, concourse area and exterior spots at the stadium ahead of the Final Four.
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.
Senate Bill 385, authored by Republican Sen. Jack Sandlin of Indianapolis, would add two years to a 2019 bill that had called for a new special tax district—known as a professional sports development area—to be established in Marion County by mid-2022.
Officials are hopeful new virus cases won’t ruin plans to host two dozen events in the first quarter of 2021—including efforts to bring the full NCAA men’s basketball tournament here.
But Executive Director Andy Mallon says he’s “very confident” the board will recover from not only the pandemic but also necessary spending cuts and financial hits over the next 18 months.
Overall, 340 groups, representing nearly 965,000 attendees, outright canceled their Indianapolis events this year because of the pandemic. The loss of business is taking a toll on the Capital Improvement Board’s revenue streams.
