The Indianapolis City-County Council on Monday night voted unanimously to issue up to $155 million in bonds to pay for an expansion of the Indiana Convention Center at Pan Am Plaza.
The trade show in a typical year brings upwards of 67,000 people to the Indiana Convention Center and generates an economic impact of $65 million. Last year’s event had 1,100 exhibitors and 3,300 booths.
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.
Overall attendance at Indiana Convention Center events has stagnated, but annual major conventions have seen explosive growth.
The pandemic hasn’t stopped all hospitality business in Indianapolis. Nearly 40,000 people have visited downtown since the beginning of July for events at the Indiana Convention Center or at major hotels.
The full City-County Council is expected to vote on the proposals next month. After that, the financing will need to be approved by both the Metropolitan Development Commission and the Indianapolis Bond Bank.
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.
Ratio is architect for the $550 million project by Kite Realty Group Trust that includes a Signia Hilton, an expansion of the Indiana Convention Center and—eventually—a second, 600-room Hilton-branded hotel.
More than 940 exhibitors have already registered for the event, which could bring upwards of 67,000 people to the Indiana Convention Center and generate an economic impact of $65.2 million. But county health officials haven’t yet approved the event.
The $300 million hotel will be the most expensive and elaborate new lodging project built in the city since the $450 million JW Marriott complex was completed in 2011. And it will compete directly with the JW.
The city will not subsidize construction of Kite’s two hotels on the site but will ask the City-County Council to authorize a $150 million bond to finance an addition to the Indiana Convention Center.
The Nike Tournament of Champions, a 300-team girls basketball event, is expected to bring 9,000 people to Indianapolis through Sunday, injecting an estimated $8.9 million into the local economy.
The local tourism industry is bracing for a “very tough” end to 2020, despite efforts to reopen the state by July 4.
The tourism bureau’s 62 employees will see their work weeks cut to four days through at least April.
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.
A conference and trade show that was expected to draw nearly 10,000 people to Indianapolis is the first local convention to be postponed or called off due to the virus.
Officials say no events have been canceled locally, but groups—including the NCAA and Visit Indy—are watching the news and weighing their options.
The American Society of Association Executives expects draw more than 6,000 people to Indianapolis for its four-day conference in August 2026, putting Indianapolis under the microscope of key decision-makers for their respective associations.
The state plans to welcome hundreds of business and economic development leaders to Indianapolis in the spring for its first-ever Indiana Global Economic Summit.
The board carries $56 million in liability insurance for its facilities, including a $1 million general liability policy and a $55 million umbrella policy.
