CIB may accept $27 million state loan after all
The Indianapolis Capital Improvement Board likely will accept a state loan providing $27 million over three years to help
shore up its fragile financial situation.
Capital Improvement Board
Articles
CIB finances improving, though concerns remain
Approaching the end of 2009, Indianapolis’ cash-strapped Capital Improvement Board is on much more solid financial footing.
Members of City-County Council form task force to study CIB financial problems
A new task force formed this month is charged with recommending solutions to the financial problems of the Indianapolis
Capital Improvement Board and its related convention and tourism issues.
City official: ‘We’re obligated’ to weigh privatizing some stadium, convention duties
Mayoral Chief of Staff Paul Okeson said the city isn’t sure it makes sense to privatize operations now handled by
the Capital Improvement Board, “but we’re obligated on behalf of the taxpayer to find out.”
CIB improves financial situation with more cuts
The Indianapolis Capital Improvement Board’s dire financial situation might be improving enough that it may forego the
first installment of a $27 million state loan.
NCAA, city haggle over Final Four rental deal
A little more than six months before the 2010 NCAA men’s Final Four is set to tip off at Lucas Oil Stadium, the NCAA
has not yet finalized a rental deal for the facility. While officials for the NCAA and Local Organizing Committee,
the group charged with operating the event in Indianapolis, downplay any problems, sports business experts say it is unusual
not to have an agreement pinned down in the months leading up to the event.
More layoffs, furloughs possible for cash-strapped CIB
The financial condition of the city’s Capital Improvement Board, though improving, is still dire enough that employees
of the Indiana Convention Center could be subjected to more unpaid furloughs or layoffs.
ICVA unlikely to seek loan to pay for enhanced marketing
The idea of the not-for-profit Indianapolis Convention & Visitors Association taking out a loan was not warmly received by
city officials. And financial institutions were less than thrilled with the idea given the ICVA’s diminishing revenue
and increasing costs.
ICVA: Stadium’s retractable roof worth the cost
Three music events with direct visitor spending estimated at $28 million that were hosted at Lucas Oil Stadium offer proof,
city officials said, that the expense of the retractable roof and other features of the $720 million facility are paying off.
ICVA might take out loan to market city for conventions
The Indianapolis Convention & Visitors Association is so desperate for more marketing funding, the organization charged
with promoting the city as a convention and tourism destination is considering taking out a loan. While that
would be the last resort, ICVA CEO Don Welsh said it is one he will have to consider if the money can’t be raised through
local taxes.
EDITORIAL: Partisan games plague council
The City-County Council wisely averted disaster for the Capital Improvement Board Aug. 10 by voting to raise the city’s
hotel tax from 9 percent to 10 percent, but the razor-thin vote was another disappointing case of elected officials making
decisions based on partisanship rather than good judgment.
CIB regrouping, still aiming to close budget hole
The beleaguered Indianapolis Capital Improvement Board has whittled its anticipated 2010 deficit of $47 million to only $5 million. But how it slashed $7 million since the end of the Legislative special session and how it proposes to close the final gap are a mystery.
EDITORIAL: Leadership void stymied special legislative session
The legislative session that concluded June 30 with passage of a two-year budget left a bad taste in our mouths. For starters,
legislators lacked the courage to tackle local government reform—even though cash-strapped units of government
desperately need the millions of dollars in savings they would generate. In short, they put political cronyism ahead of the
interests of the state.
$65M development deal would cost Capital Improvement Board
The Capital Improvement Board could be forced to give up one of its most profitable assets so the city can pull off a $65-million
public-private downtown development deal. The city has agreed to help a developer revitalize the vacant former Bank One operations
center in part by acquiring an adjacent
parking garage for $18.5 million.
$65M downtown development deal raises questions
A $65 million public-private plan for the redevelopment of a vacant downtown office building is raising eyebrows for its unusual
approach and potential risk to taxpayers. The plan calls for a private developer to acquire the former Bank One operations
center, surface parking lots and an adjacent
parking garage from a private owner for $18.5 million, then sell the 1,680-space garage to the city for $18.5 million.
Arts Council faces grants-divvying dilemma
The Arts Council of Indianapolis faces the unenviable task of divvying up less than $1 million in city grants for the arts, compared with $2.15 million that was awarded last year.
Panel handicaps market recovery chances
A panel of five veterans of real estate and construction provided industry insights at IBJ‘s Power Breakfast May
1 at the Westin Indianapolis.
CIB drama goes from bad to worse
I am truly disgusted after reading the latest in the perennial saga of the CIB.
Tourism should not be our focus
If a city really wants to attract people to its city (to live and visit), it has to become a better city, but to become a better city it has to know what it is and what it wants to be and what it can be.
CIB executive director out-earns governor, mayor combined
Barney Levengood, executive director of the financially-struggling Capital Improvement Board, is one of the state’s highest-paid public employees, and some wonder if his pay should be cut.