Pummeled by pandemic, CIB making ‘hard decisions’
But Executive Director Andy Mallon says he’s “very confident” the board will recover from not only the pandemic but also necessary spending cuts and financial hits over the next 18 months.
Capital Improvement Board
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Lost convention business exceeds $535M, leading to further budget challenges
Overall, 340 groups, representing nearly 965,000 attendees, outright canceled their Indianapolis events this year because of the pandemic. The loss of business is taking a toll on the Capital Improvement Board’s revenue streams.
CIB furloughs several staffers, makes pay cuts to cope with pandemic
The steps taken by the Capital Improvement Board of Marion County included putting five members of its executive staff on indefinite leave.
City launches $11 million grant fund for hospitality industry
The program, called the Hospitality Establishment Lifeline Program, will provide grants to Marion County bars, restaurants and live entertainment venues that pay food and beverage taxes.
CIB still seeing major losses, but anticipates August revenue bump
While the convention center began seeing some activity during July, those events had very little impact on the venue’s operating income for the month.
Tourism experts disagree on wisdom of planned convention center expansion
Overall attendance at Indiana Convention Center events has stagnated, but annual major conventions have seen explosive growth.
Capital Improvement Board projects $41.6M budget deficit in 2021
The Capital Improvement Board of Marion County approved a $132.3 million budget for 2021 during its Friday board meeting—a reduction of 26.4% from this year’s budget.
Capital Improvement Board misses May revenue mark by nearly 70%
The CIB, which operates the Indiana Convention Center and Lucas Oil Stadium, on Friday said May income fell significantly short of both previous-year and budgeted totals because of the pandemic.
CIB sees revenue dip by 50%, as officials hope for late-summer surge
With no new business in April and downtown hotel occupancy stuck below 8% since late March, the agency overseeing the Indiana Convention Center and Lucas Oil Stadium has seen revenue crater.
Capital Improvement Board braces for big losses from COVID-19 outbreak
The head of the Capital Improvement Board of Marion County, which owns and manages the Indiana Convention Center and Lucas Oil Stadium, on Friday acknowledged there will be an “obvious impact” from the virus.
Local tourism, convention officials prepare for impact from coronavirus
Officials say no events have been canceled locally, but groups—including the NCAA and Visit Indy—are watching the news and weighing their options.
CIB approves $62 million in contracts for Fieldhouse overhaul
The board approved eight bids—mostly to local firms—for the first and second phases of the $360 million project.
2019 YEAR IN REVIEW: Lawmakers OK funding plan for arena updates, soccer stadium
The law, which passed with bipartisan support in April, created funding plans for most of a $360 million renovation of Bankers Life Fieldhouse and the construction of a $150 million soccer stadium for the Indy Eleven by diverting millions of dollars in annual state tax revenue to the Capital Improvement Board.
Experts say CIB is thin on liability coverage for event venues
The board carries $56 million in liability insurance for its facilities, including a $1 million general liability policy and a $55 million umbrella policy.
Pacers-CIB deal gets final approvals from City-County Council
The move pushes forward the Capital Improvement Board’s deal with the Pacers, which calls for more than $360 million in renovations to Bankers Life Fieldhouse.
New CIB leader Andy Mallon is mix of ‘bulldog,’ ‘cool head’
The 43-year-old Indianapolis native will have to carry out a slate of calculated moves designed to give the quasi-government agency a more sound financial future, including a 25-year vision.
CIB seeking $320M in bonds for Bankers Life Fieldhouse project
A committee of the Indianapolis City-County Council has signed off on bonds and financing the Capital Improvement Board needs for its share of the $360 million overhaul of Bankers Life Fieldhouse.
Council OKs proposals to help fund CIB’s 25-year plan
The Indianapolis City-County Council on Monday overwhelmingly approved proposals to help fund the Capital Improvement Board’s long-term strategic plan, including chipping in $270 million to help fund a massive overhaul of Bankers Life Fieldhouse.
City-County Council panel OKs funding plan for CIB, holds off on Pacers plan
The Rules and Public Policy Committee on Tuesday decided to table two items related to a long-term deal with the Indiana Pacers.
Andrew Mallon chosen as first new CIB director in 28 years
Andrew Mallon, corporation counsel for the city of Indianapolis, was approved Friday morning as executive director of the Capital Improvement Board, replacing longtime leader Barney Levengood.