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Lawmakers Look For Cash To Bailout CIB
CIB Expected To Be $35M Short
POSTED: 9:19 pm EDT March 26, 2009
UPDATED: 10:52 pm EDT March 26, 2009
INDIANAPOLIS -- State lawmakers are looking for ways to bail out the financially struggling group that runs professional sports stadiums in Indianapolis.The Indianapolis Capital Improvement Board could be $35 million short in its operation of Lucas Oil Stadium, Conseco Fieldhouse, Victory Field and the Indiana Convention Center.The issue has drawn the attention of legislators, who are working on a proposal to raise money, 6News' Norman Cox reported.
Noblesville Republican Sen. Luke Kenley said any solution will likely involve contributions from the city, the Capital Improvement Board and professional sports teams like the NFL Colts and the NBA Pacers."They're really both very good corporate citizens, and they're model franchises. And they've both made big commitments to our community. And so, I know they'll do the right thing," he said.Kenley said the state may also have to pony up based on the idea that state revenues are boosted by sales activity at the stadiums and surrounding venues.
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Previous Stories:
- March 10, 2009: Bird Hopeful Pacers, City Will Find Funds To Keep Team
- March 10, 2009: CIB Makes Cuts, Looks For Way To Keep Pacers
- March 6, 2009: CIB Wants Tax Increase To Cover Stadium Funding Shortfall
- February 10, 2009: City Details Cuts To Rescue Stadium From Red
- January 28, 2009: Lucas Oil, Conseco Draining Millions From City, Officials Say
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