The Indianapolis Capital Improvement Board of Managers yesterday "unanimously approved a new 20-year lease" for the Triple-A Int’l League Indianapolis Indians at Victory Field that includes "free rent," according to John Tuohy of the INDIANAPOLIS STAR. The lease "would replace a 20-year agreement," approved in '96 when the ballpark opened, that "requires the Indians to pay the Capital Improvement Board $500,000 a year." CIB Exec Dir Barney Levengood said that the agency "didn’t demand rent in the new lease because the first 20 years of rent paid off the debt from a bond issue" used to finance the city’s $10M investment in the ballpark's $20M construction. The Indians would "still be responsible for day-to-day operations and maintenance at the park, as they are under the existing lease." The CIB is "required to fund any major infrastructure repairs." CIB Board President Earl Goode said the new deal is "consistent with what other pro-teams are getting" from the CIB. The Pacers "don’t pay rent to the CIB" for use of Bankers Life Fieldhouse, and the city "pays for maintenance and operations." The Pacers "keep all basketball revenue." The Colts "pay no rent for Lucas Oil, and the CIB is responsible for maintenance and security." The team "keeps all revenue from football revenues and half of non-football revenue" up to $3.5M (INDIANAPOLIS STAR, 10/13).
