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The Capital Improvement Board of Marion County voted Friday morning to reelect the board’s president, Marci Reddick, for 2025.
The CIB oversees Lucas Oil Stadium and the Indiana Convention Center operations and owns Gainbridge Fieldhouse and Victory Field. Reddick, a real estate attorney at Taft Stettinius and Hollister LLP, took the helm in February 2023 after longtime board president Melina Kennedy departed to begin her job as CEO of the Central Indiana Corporate Partnership. Kennedy had held the job since 2016.
In Reddick’s second year in the position, the CIB coordinated public-private partnerships for major events like the NBA All-Star Weekend and Taylor Swift’s three nights of performances at Lucas Oil Stadium. The board is also involved in several ongoing projects, including the $750 million Signia by Hilton hotel and convention center expansion project at Pan Am Plaza, as well as efforts to secure a Major League Soccer club.
Reddick was on IBJ’s Women of Influence list in October 2024.
The remaining officers on the board also kept their positions. They are vice president David Corbitt, treasurer Mick Terrell and secretary David Ruhmkorff.
Projections released last fall indicated the CIB anticipates a combined $235.8 million in tax and operating revenue in 2025, a 31% increase from its 2024 budget projection. However, with 2024 expenses projected at $272.3 million, they’re expecting a net deficit of $36.5 million for the year, its biggest loss since 2020.
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How much is still owed on Lucas Oil Stadium? Bonds were issued at first in 2005….Interest rates, at that time, were high. Could there be savings by refinancing those bonds?
We know that in the next five years, there will be pressure to “renovate and improve” LOS both for the Colts and the Final Fours not to mention other potential uses. How will that be financed?
The restaurant tax that applies and has for nearly 20 years must be four times what it was then.
Does anyone look at these numbers????
If people knew the amount of debt service the City had to account for, they would be a lot less enthusiastic.