Capital Improvement Board sees first financially positive month since pandemic
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.Read More
Senate committee advances bill to give Indy Eleven more time on stadium project
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.Read More
Undaunted by COVID, city tourism pros pack events into early 2021
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.Read More
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.
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.
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.