An affiliate of the Steak n Shake restaurant chain has agreed to pay $3.8 million to acquire downtown's Ober Building from the Capital Improvement Board of Marion County. The restaurant chain likely will move its headquarters to the 1910 building.
The city entity that owns Lucas Oil Stadium, where the Colts play their home games, budgeted $1 million less in admission-tax revenue for 2013 for one reason: The board does not expect the Colts to host any playoff games.
The project is part of a $63.9 million operating budget board members approved for 2013, which is lower than the current year’s budget because it doesn’t include Super Bowl costs or special payments to the Indiana Pacers.
The Capital Improvement Board wants to plug a $2 million funding hole that will open up next year for the Indianapolis Convention & Visitors Association with the expiration of a $5.9 million grant from the owner of the JW Marriott hotel downtown.
Payments on a three-year, $30 million subsidy ended this year, but discussions continue between CIB officials and Pacers officials on future leases involving Bankers Life Fieldhouse.
The Capital Improvement Board has owned the Ober building, at 107 S. Pennsylvania St. near Bankers Life Fieldhouse, since 1999. Members on Monday voted to begin soliciting bids.
The Indiana Pacers’ playoff run and a decreased player payroll—along with $10 million from the city’s Capital Improvement Board—have brought the team closer to breaking even this year, but not out of the red, sports business experts say.
Preliminary financials show the board that manages the city’s sports and convention facilities so far has lost nearly $350,000 due to the Super Bowl. That figure is expected to grow to $800,000.
After winning national praise as the host of Super Bowl XLVI, Indianapolis has a shot at four major conventions planned for next year and beyond.
The Capital Improvement Board, which manages Lucas Oil Stadium, is budgeting for an $810,000 loss on expenses related to the game. The city, however, expects a $200 million economic impact.
Sports business experts with knowledge of the new collective bargaining agreement expected to be ratified by NBA owners and players this week think it will push the Indiana Pacers toward breaking even but won’t ensure the team’s long-term profitability.
The gift will enable the Indianapolis Convention & Visitors Association to continue an annual marketing campaign aimed at attracting Midwestern visitors to the city.
The $125,000 in funds from the city’s Capital Improvement Board will help the Indiana Sports Corp. put on the Big Ten Football Championship game in December and basketball tournament in March.
The move is expected to save $8 million to $9 million over the life of the bonds.
The Capital Improvement Board will be charged with helping Rolls-Royce Corp. find up to an additional 500 parking spaces to accommodate the company’s move to a downtown office campus formerly occupied by Eli Lilly and Co.
The convention association set out to book 725,000 hotel room nights this year for future meetings but so far is trending below the goal. An aggressive drive last year exhausted many of its prospects, new ICVA CEO Leonard Hoops said.
The Capital Improvement Board of Marion County is accepting proposals to improve Wi-Fi service at both Lucas Oil Stadium and the Indiana Convention Center. The systems are expected to be operational in time for the Super Bowl in February.
The Capital Improvement Board saw revenue of $22.5 million in the first three months of the year, a jump of 28 percent compared with the same three months in 2010. More taxes generated by hotel stays and restaurant visits helped drive the increase.
The Indianapolis Colts and its stadium manager, the Capital Improvement Board of Marion County, are squabbling over who pays certain concession expenses. The dispute ultimately could reach arbitration, if an agreement is not reached.
The Capital Improvement Board voted Monday to retain the services of three firms that currently provide security at Lucas Oil Stadium and the Indiana Convention Center, at an annual savings of $300,000.
