The Capital Improvement Board of Managers of Marion County voted Monday to give the Indiana Sports Corp. $500,000 a year for the next 10 years to create a reserve fund for maintenance on the IU Natatorium at IUPUI.
Herb Simon, 79, says the $160 million deal the city struck with the Indiana Pacers this month for operating costs and stadium improvements is an outgrowth of negotiations that began way back in 2007.
The city’s Capital Improvement Board on Monday afternoon unanimously approved a $160 million, 10-year finance package to the Indiana Pacers for the operations of Bankers Life Fieldhouse.
CIB President Ann Lathrop said Friday that debt refinancings at low interest rates have freed up money to fund capital projects at the 14-year-old Bankers Life Fieldhouse.
Stephen Simon has been increasingly involved with the team since his father, Herb, acquired full ownership of the franchise before the death of Herb’s brother Melvin in 2009.
The city's Capital Improvement Board will spend $160 million over 10 years on subsidy payments and stadium improvements for the Indiana Pacers in exchange for a lease extension through the 2023-2024 season.
Mayor Greg Ballard is proposing to pay about half of the $20 million needed to upgrade the Natatorium at IUPUI. The city's Capital Improvement Board is also considering setting aside tax revenue for operation expenses.
The Capital Improvement Board of Marion County is prepared to give the Pacers another $11 million to offset losses from operating Bakers Life Fieldhouse as it continues to negotiate a long-term contract with the team.
Indiana Gov. Mike Pence on Saturday signed a bill into law that reshapes Marion County government through the elimination of four at-large City-County Council seats and other changes.
Colts officials say local demand remains high for suites, even as other NFL teams struggle, and that season-ticket renewals are at 95 percent. The city will foot the $2 million bill for two new suites at Lucas Oil Stadium.
The Capital Improvement Board of Marion County has agreed to slash its sale price on downtown's Ober Building by $700,000 after inspections showed problems including a leaky roof and damaged HVAC system.
The Indianapolis City-County Council is poised to approve a huge increase in ticket taxes on professional sports, and one council member wants to make sure those voting on the hike disclose the freebies they get for Pacers and Colts games.
Indianapolis recently agreed to pay $10 million to help Pacers Sports & Entertainment run Bankers Life Fieldhouse for another year, but Mayor Greg Ballard wants to find out in the meantime whether the city can get a better deal on the venue’s management.
The Capital Improvement Board of Marion County is expected to seek a one-year extension of its current lease deal with Pacers Sports & Entertainment, according to a former board member and current Indianapolis city-county councilor.
The NBA’s new collective bargaining agreement will dramatically boost the amount of money the Indiana Pacers get from the league, but it won’t be enough to put the team in the black.
The Capital Improvement Board’s directors voted Thursday afternoon on three actions that will circumvent the $15 million payment-in-lieu-of-taxes, or PILOT, which the Indianapolis City-County Council included in the CIB’s budget.
Democrats on the Indianapolis City-County Council who voted to plug a hole in the city budget by charging the Capital Improvement Board $15 million risk creating more problems than they solved.
The Indianapolis City-County Council approved a budget Monday night that relies on a $15 million payment from a tax-exempt entity, likely setting the stage for a legal battle, plus difficult negotiations with Mayor Greg Ballard.
Council Democrats want to take funds from the Capital Improvement Board’s $67 million cash reserve to help shore up the city’s budget. But State Sen. Luke Kenley lobbed a threat that might make them think twice about pursuing the proposal.
The Capital Improvement Board on Monday adopted a formal resolution opposing a plan by some City-County Council Democrats to tap CIB coffers to plug the city’s budget gap.
