Study: New Stadium Would Provide Economic Boost
City Could Use Report To Sell Such A Plan To Legislature
POSTED: 9:06 pm EST December 13, 2004
INDIANAPOLIS -- Though a new stadium hasn't been confirmed to be part of any plan to keep the Indianapolis Colts in the city, local leaders already are touting a study that says such a building would benefit the area.
In a report released Monday, accounting firm PriceWaterhouseCoopers said a new stadium would increase the Colts' economic impact on central Indiana by $30 million per year, RTV6's Norman Cox reported.
The Colts currently have a yearly economic impact of $75 million in Marion County, with additional benefits outside the county, according to the report.The report was commissioned by the Capital Improvement Board, which oversees the RCA Dome and the adjoining Indiana Convention Center.City leaders see the report as possible ammunition to sell any Colts deal to the state legislature, which might need to approve funding measures if the city seeks a new stadium and convention center expansion."I think we're probably going to need every bit of evidence that we can get when we go over to the legislature and show that the Colts do have an economic benefit, not just to Indianapolis and central Indiana, but to the entire state," said Steve Campbell, spokesman for Mayor Bart Peterson.An earlier report showed that an expanded convention center would benefit the area. The city has considered expanding the convention center into the dome, which the Colts currently call home.Indianapolis officials are trying to assemble a plan that will keep the Colts in the city. The Colts could break their lease at the RCA Dome after the 2006 season if the city doesn't begin paying the difference between the team's revenue and the median revenue among NFL teams.According to an affidavit the NFL released last year, the Colts were $10.6 million below the league median in 2002.Colts owner Jim Irsay has said the team eventually will require a new stadium to bring more revenue and keep the team competitive.Peterson has said he hopes to complete a deal by the end of this year.Earlier this year, the city hired three architectural firms to design a 70,000-seat stadium. The RCA Dome's seating capacity of 55,506 is the smallest in the NFL.
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Previous Stories:
- September 9, 2004: City To Order Feasibility Study For New Colts Stadium
- June 30, 2004: Daniels Not Warm To Spending State Money On Colts
- January 21, 2004: Colts Owner: New Stadium Needed 'Sooner Or Later'
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