Indy Mayor, CIB Need To Find More Support For Bailout Plan
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CIB, Which Runs Lucas Oil Stadium,
Facing $27M Payment By September |
Indianapolis Mayor Greg Ballard and the city's Capital Improvement Board (CIB) Friday will "begin a new quest for money after state lawmakers adjourned Wednesday without solving the sports board's financial woes," according to Brendan O'Shaughnessy of the INDIANAPOLIS STAR. Ballard is "retooling his strategy for winning over legislators and City-County Council members," both of whom would have to approve any tax increase. The CIB, which runs Lucas Oil Stadium and Conseco Fieldhouse, previously has asked state and city leaders to "raise taxes on alcohol, hotel rooms, stadium tickets and car rentals so it could plug a projected deficit" of $47M next year. Lawmakers are expected to "consider the issue when they convene in a special session, but time is running out for the CIB," as the session is not yet scheduled and the CIB faces a $27M payment by September. CIB President Bob Grand Thursday said he is "very disappointed" about the collapse of the plan. Indianapolis Chief Deputy Mayor Paul Okeson said, "We need to use this extra time to our advantage. We'll look at some new ways to convince local and state leaders. We will reassess and see what is the best way to move now" (INDIANAPOLIS STAR, 5/1).
COLT SHOULDER: Under a proposed plan to help the CIB, the Colts would kick in $5M annually, and in Indianapolis, Bob Kravitz writes, "How did the Colts become the heavies in all of this?" Why are the Colts "branded as the greed-heads by the legislators, special-interest groups and some in the media?" It was the "Pacers who asked for a bailout from the [CIB], and it was the CIB that asked for a bailout from the taxpayers." The Pacers previously "exercised the option of reopening their lease after 10 years and wanted out" of their $15M annual "obligation in running Conseco Fieldhouse." The Colts "have asked for ... nothing," but "somehow, this is their fault." Somehow it is their "fiscal and moral obligation" to kick in the $5M "to help save the CIB, which is trying to help the Pacers" (INDIANAPOLIS STAR, 5/1).
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