New NBA revenue split gives Pacers cash infusion
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.
Capital Improvement Board
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CIB to fight council’s attempt to take $15 million
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.
EDITORIAL: Council’s $15M CIB raid is shortsighted
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.
City-County Council passes controversial budget
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.
State Senate leader warns city about raiding CIB funds
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.
CIB standing firm against city plan to tap reserves
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.
MDC approves CIB’s sale of building to Steak n Shake
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.
Steak n Shake paying $3.8M for Ober Building
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.
Playoffs?! CIB predicts Colts won’t host postseason game
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.
CIB plans $5M repair to Capitol Commons plaza
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.
ICVA eyes funds from sale by CIB of downtown’s Ober building
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.
Latest CIB budget contains no new payments to Pacers
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.
CIB mulling sale of historic downtown building
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.
Playoff run pushes Pacers closer to profitability
The Indiana Pacers’ playoff run and a decreased player payroll—along with $10 million from the city’s Capital Improvement Board—have brought the team closer to breaking even this year, but not out of the red, sports business experts say.
CIB loss from Super Bowl in line with projections
Preliminary financials show the board that manages the city’s sports and convention facilities so far has lost nearly $350,000 due to the Super Bowl. That figure is expected to grow to $800,000.
Super Bowl puts city on short list for auto dealers convention
After winning national praise as the host of Super Bowl XLVI, Indianapolis has a shot at four major conventions planned for next year and beyond.
CIB expects to lose money during Super Bowl
The Capital Improvement Board, which manages Lucas Oil Stadium, is budgeting for an $810,000 loss on expenses related to the game. The city, however, expects a $200 million economic impact.
Labor deal not a panacea for Pacers
Sports business experts with knowledge of the new collective bargaining agreement expected to be ratified by NBA owners and players this week think it will push the Indiana Pacers toward breaking even but won’t ensure the team’s long-term profitability.
CIB contributes $500,000 toward tourism effort
The gift will enable the Indianapolis Convention & Visitors Association to continue an annual marketing campaign aimed at attracting Midwestern visitors to the city.
UPDATE: CIB backs grant for Big Ten football championship
The $125,000 in funds from the city’s Capital Improvement Board will help the Indiana Sports Corp. put on the Big Ten Football Championship game in December and basketball tournament in March.