INDIANAPOLIS -- Members of Indianapolis' Capital Improvement Board have called an emergency meeting to address the organization's $47 million deficit after a bailout bill failed to pass the Legislature.

Several proposals had been on the table, including raising taxes in Marion County and across the state, but none were approved by Wednesday night's deadline, 6News' Derrik Thomas reported.

Now members of the organization that overseas Lucas Oil Stadium, Conseco Fieldhouse, Victory Field and the Indiana Convention Center will strategize about other ways to make ends meet.

"It's going take a lot of work, and a lot of ideas," said CIB President Bob Grand.

When asked if it was a dire situation, he said, "Yes, that is one way to describe it."

Thomas also asked former CIB President Fred Glass, who was instrumental in developing the deal for Lucas Oil Stadium, what he thought about the current situation, but he wouldn't comment.

"I don't think the debate will move forward by making any comment. It would just muddy things up," he said after an event in Carmel. "I've stayed out of that and tried to stay focused on the job (as athletic director at Indiana University)."

But State Rep. Phil Hinkle said he didn't mind assigning blame. He said former Mayor Bart Peterson and Glass gave the Colts too sweet of a deal.

"You know, it's got to be kept up, repairs are going to have to be made," he said. "You know, these things are going to be coming down the pike, but yet you've given away every single penny. No wonder he wouldn't want to talk about it."

Friday's emergency meeting will be held at the Convention Center. It will be open to the public.