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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe city’s Capital Improvement Board will meet today for the first time since Indiana Gov. Mitch Daniels and Indianapolis Mayor Greg Ballard presented their plan to rescue the financially troubled entity.
Last Thursday, the two proposed raising hotel, rental car and sports-admission taxes, and merging the CIB into a new agency, to raise the funds they say will cover its looming $47 million budget deficit.
Under the plan, the county would generate an estimated $20 million annually by raising the hotel tax from 9 percent to 10 percent, admissions tax from 6 percent to 10 percent and the rental car tax from 4 percent to 6 percent.
Daniels and Ballard also estimate that $13 million can be saved by combining the CIB and the Marion County Building Authority into a new entity called the Facilities Management Board of Marion County. It would operate 13 facilities.
However, neither has yet to provide details on how the savings would be accomplished.
In addition, $8 million would be raised annually by expanding the Professional Sports Development Area to include the new J.W. Marriott hotel complex. The $250 million development is under construction near White River State Park.
Also included in the proposal is $10 million in budget cuts the CIB already has made.
The CIB meets at 2 p.m. at the Indiana Convention Center.
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