Overall attendance at Indiana Convention Center events has stagnated, but annual major conventions have seen explosive growth.
CIB still seeing major losses, but anticipates August revenue bump
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.Read More
Capital Improvement Board projects $41.6M budget deficit in 2021
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.Read More
Capital Improvement Board misses May revenue mark by nearly 70%
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.Read More
CIB sees revenue dip by 50%, as officials hope for late-summer surge
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.Read More
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.
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.
A powerful group of hoteliers that opposes a proposal to build a pair of hotels on Pan Am Plaza scored a victory in the Legislature. But the plan to construct the project remains very much alive.
State lawmakers have given their final approval to legislation that creates 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.
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.
Legislation that will help fund a renovation of Bankers Life Fieldhouse will do much more: It will bail out the Capital Improvement Board, which is headed for insolvency without the additional revenue.
Here’s a breakdown of the 158-page agreement that the CIB was considering Friday morning.
The agreement between city officials and the NBA team provides nearly $800 million in tax revenue to the Pacers over the life of the 25-year deal.