Operating Costs Are Increasing For Colts' New Lucas Oil Stadium
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Increasing Lucas Oil Stadium Operating
Costs Forcing CIB To Dip Into Its Reserves |
Officials at Indianapolis' Capital Improvement Board (CIB), which operates the Colts' new Lucas Oil Stadium, "plan to draw $25[M] from reserves this year and in 2009, $20[M] of which will go to higher stadium operating costs," according to Brendan O'Shaughnessy of the INDIANAPOLIS STAR. Previous estimates "put the extra costs of running the new stadium at about $10[M]." With "higher costs, CIB budgets for this year and next show the agency's operating fund balance dwindling to $5.6[M] next year." Officials "anticipate that an expanded Indiana Convention Center -- expected by late 2010 -- and the new business it attracts eventually will help cover the CIB's operating costs," but if those new revenues "fall short, the CIB's reserves could be wiped out." CIB Chair Bob Grand said, "We're making guesses until we have actual numbers. We're bleeding cash right now, absolutely." Grand has asked CIB Treasurer Ann Lathrop "to lead a six-month study of ways to cut expenses and enhance revenues." Grand and Lathrop said that they "want to get through a full Colts season to get a better handle on the increased costs at Lucas Oil Stadium before making any long-term decisions." They also said that it is "premature to discuss options such as more taxes, user fees, or asking the state or the Colts for help." The CIB "projected its operating budget would increase from $58[M] in 2007 to $78[M] next year." The budget also "contains good news, projecting revenues from setup, rentals and food sales to double in 2009, when Lucas Oil Stadium will be open to events other than football for the entire year instead of just four months, as it is this year" (INDIANAPOLIS STAR, 9/17).
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