The Capital Improvement Board of Marion County is prepared to give the Pacers another $11 million to offset losses from operating Bakers Life Fieldhouse as it continues to negotiate a long-term contract with the team.
Indiana Gov. Mike Pence on Saturday signed a bill into law that reshapes Marion County government through the elimination of four at-large City-County Council seats and other changes.
Colts officials say local demand remains high for suites, even as other NFL teams struggle, and that season-ticket renewals are at 95 percent. The city will foot the $2 million bill for two new suites at Lucas Oil Stadium.
The Capital Improvement Board of Marion County has agreed to slash its sale price on downtown's Ober Building by $700,000 after inspections showed problems including a leaky roof and damaged HVAC system.
The Indianapolis City-County Council is poised to approve a huge increase in ticket taxes on professional sports, and one council member wants to make sure those voting on the hike disclose the freebies they get for Pacers and Colts games.
Indianapolis recently agreed to pay $10 million to help Pacers Sports & Entertainment run Bankers Life Fieldhouse for another year, but Mayor Greg Ballard wants to find out in the meantime whether the city can get a better deal on the venue’s management.
The Capital Improvement Board of Marion County is expected to seek a one-year extension of its current lease deal with Pacers Sports & Entertainment, according to a former board member and current Indianapolis city-county councilor.
The NBA’s new collective bargaining agreement will dramatically boost the amount of money the Indiana Pacers get from the league, but it won’t be enough to put the team in the black.
The Capital Improvement Board’s directors voted Thursday afternoon on three actions that will circumvent the $15 million payment-in-lieu-of-taxes, or PILOT, which the Indianapolis City-County Council included in the CIB’s budget.
Democrats on the Indianapolis City-County Council who voted to plug a hole in the city budget by charging the Capital Improvement Board $15 million risk creating more problems than they solved.
The Indianapolis City-County Council approved a budget Monday night that relies on a $15 million payment from a tax-exempt entity, likely setting the stage for a legal battle, plus difficult negotiations with Mayor Greg Ballard.
Council Democrats want to take funds from the Capital Improvement Board’s $67 million cash reserve to help shore up the city’s budget. But State Sen. Luke Kenley lobbed a threat that might make them think twice about pursuing the proposal.
The Capital Improvement Board on Monday adopted a formal resolution opposing a plan by some City-County Council Democrats to tap CIB coffers to plug the city’s budget gap.
The Metropolitan Development Commission on Wednesday approved a resolution allowing the Capital Improvement Board of Marion County to sell the Ober Building in downtown Indianapolis to the Steak n Shake restaurant chain.
An affiliate of the Steak n Shake restaurant chain has agreed to pay $3.8 million to acquire downtown's Ober Building from the Capital Improvement Board of Marion County. The restaurant chain likely will move its headquarters to the 1910 building.
The city entity that owns Lucas Oil Stadium, where the Colts play their home games, budgeted $1 million less in admission-tax revenue for 2013 for one reason: The board does not expect the Colts to host any playoff games.
The project is part of a $63.9 million operating budget board members approved for 2013, which is lower than the current year’s budget because it doesn’t include Super Bowl costs or special payments to the Indiana Pacers.
The Capital Improvement Board wants to plug a $2 million funding hole that will open up next year for the Indianapolis Convention & Visitors Association with the expiration of a $5.9 million grant from the owner of the JW Marriott hotel downtown.
Payments on a three-year, $30 million subsidy ended this year, but discussions continue between CIB officials and Pacers officials on future leases involving Bankers Life Fieldhouse.
The Capital Improvement Board has owned the Ober building, at 107 S. Pennsylvania St. near Bankers Life Fieldhouse, since 1999. Members on Monday voted to begin soliciting bids.
