SBD/August 14, 2012/Facilities

Pacers In Talks With Capital Improvement Board For Potential New Agreement

CIB currently pays Pacers $10M a year to help run Bankers Life Fieldhouse
The Indianapolis Capital Improvement Board yesterday approved a '13 budget that "includes no payment to the Indiana Pacers to offset operating costs at Bankers Life Fieldhouse,” according to Jon Murray of the INDIANAPOLIS STAR. The CIB, which “oversees the city’s sports and convention facilities, is early in negotiations with the Pacers for a potential new agreement to replace a deal that had paid the team $10 million a year.” The current three-year, $30M deal to help the team pay for running the fieldhouse “expires next June, and the final payment already has gone out.” The "upshot" of the CIB’s $63.9M proposed operating budget for next year "is that any new agreement with the Pacers, when inked, would need separate approval by the council.” CIB CFO Dan Huge said that much of the increased spending “is for renovation of older areas of the Indiana Convention Center.” Also, it will “cost more to maintain and make spot repairs at Lucas Oil Stadium because several construction warranties are set to expire” (INDYSTAR.com, 8/13).
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