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.
A major deal to keep the Pacers in Indianapolis for decades is expected to be voted on Friday during a meeting of the Capital Improvement Board.
A coalition opposed to the development of two downtown convention hotels plans to launch a “significant” multimedia advertising campaign Thursday with hopes of swaying the public—and lawmakers—on the issue.
The president of the Capital Improvement Board said negotiations on a 25-year deal with the Indiana Pacers are progressing, but a final pact is likely months away.
The Indiana Senate passed legislation Tuesday morning that would boost funding for Indianapolis’ Capital Improvement Board, keep the Indiana Pacers in town for at least another 25 years and provide support for a dedicated soccer stadium for the Indy Eleven.