The Marion County Capital Improvement Board’s bailout depends on the success of Indianapolis’ new downtown JW Marriott convention hotel.
The Indianapolis Convention & Visitors Association says it needs more sales and marketing firepower to fill an expanded convention
center and adjacent hotels. That means asking the city’s Capital Improvement Board—one of ICVA’s primary sources of funds—for
a budget increase of up to 50 percent at the worst possible time.
Some local officials wrestling with the Capital Improvement Board’s $37 million deficit think part of the profit made by the Indianapolis Indians could be used to narrow that deficit, but Indian officials balk at that idea because they say they’ve already paid more than their share.
A group of mostly local companies that made big investments to help launch Circle Centre mall soon could be asked to write
off a portion of profits they agreed to redirect into the construction of Conseco Fieldhouse.
Jim, you could engender so much good will if you would step forward and provide some short-term relief by paying more toward the operating costs of Lucas Oil Stadium.
State lawmakers formed the Capital Improvement Board in 1965 to oversee construction of the city’s convention center.
Cleaning crews are wiping construction dust from the 63,000 seats in Lucas Oil Stadium, prepping for the public’s first peek at the $720 million venue Aug. 16. But the hard work is only beginning for the city’s Capital Improvement Board, the entity charged with operating the stadium. The fumbling point: CIB is anticipating a $20 million operating deficit for Lucas Oil Stadium in 2009.