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32 Years? All of the stadiums will be replaced at least once, if not twice by then. How about a realistic time-frame?
replacing stadiums is pretty outdated. Teams now just gut the entire stadium and improve it. The only reason for a brand new stadium is if a team is moving or if there is an expansion.
Any 32 year financial projection, especially with so many moving parts might be ‘required’ for some report but otherwise useless. Anything over 5 years is unfounded blather.
Meanwhile, Lilly is investing $9 billion across an imaginary line in the realm of another tax unit that literally had nothing to do with the company since its creation in 1876.
What is wrong with Indianapolis’ leadership? How embarrassing.
I imagine these reports aren’t too difficult to rig in the city’s favor.
It’s kinda like politicians touting how many jobs they will create. If I were running for office and my opponent said their plan would create 1.37 million jobs over the next year, I would say my plan will create 14.32 million jobs over the same period. Go big or stay home.
This. haha. The data provided by the City is worthless.
On average, the annual estimated increase in tax revenues is about $65 million. But this is taking into account added taxes from $3.3B in additional capital spending for more hotels, restaurants, etc. However, these new establishments would be paying taxes anyway. You cannot count all the taxes gathered from the new establishments as gains for the taxing district; this is not made clear in this article. What is the actual additional taxes that would be gathered from these new establishments beyond what they would have paid anyway?
At first read, this taxing district does not seem to generate much real additional revenue. A table outlining where all the increased taxes are coming from to get to the total would be helpful.
It also seems that if only $9.5 million is allowed to be used annually in the taxing district, this at first blush seems to be a way for Indianapolis to help out its own financial issues.
Well, going back to 2205 when Lucas Oil Stadium was proposed and finalized, the restaurant tax that encompassed Marion and surrounding counties, except Morgan, funded the payment of the bonds. I’ve not seen the numbers, but my guess is those revenues far exceed what is needed to cover the bond payments.
Also, let’s recognize that Lucas Oil will need significant maintenance and improvements to maintain its status. My guess is within 5 years, $500 million will be proposed….get ready!
And yet our highways, roads and neighborhood streets are left to deteriorate.
Kevin’s post should be first in this line, as with all the blather about a MLS stadium for a team that may or may not ever materialize, Indianapolis streets are a mass of potholes, bad patches, and long stretches of pavement nearly undrivable. Our City is dirty – weeds growing in the curb lanes; overgrown bushes and uncut grass on City right of ways; trash and debris from uncovered vehicles – both construction trucks and landscape trailers; tree limbs from storms or just old deteriorated trees all collect throughout the City, and are never cleaned up. Yet the major focus of City Government is the potential of a MLS team and stadium. Misplaced priorities at best.
Yeah this city has gotten pretty nasty with trash and weeds over the last 5 years or so. IT is really going to be bad once the grass and weeds start really destroying the sidewalks in the future.
The words in the first paragraph, “potential” and “could” are wishy washy. 32 years is ridiculous to contemplate, like someone said they will replace stadium once or twice in that time frame.