INDIANAPOLIS -- The cost of the new Colts stadium and convention center expansion may have pushed past the $1 billion mark.

The new state authority, which will be in charge of building the project, is holding its first meeting today.

Until now, the projected cost had been pegged at $900 million. But, a $90 million contingency fund was added Tuesday for possible cost overruns.

When you add that to the $12 million Gov. Mitch Daniels has already authorized to lock in low interest rates, the cost goes just over the $1 billion mark.

Tuesday, authority members are looking at the timetable for building the stadium.

Under the law, they must have all agreements in place, including several new taxes in Marion County.

Earlier this month, Gov. Mitch Daniels signed a bill into law that would allow counties to pass a 1 percent food and beverage tax increase to help fund the new stadium. But there's still a lot of sales work to be done.

Marion and the seven surrounding "doughnut" counties must now adopt these taxes by the end of June to make the governor's plan fly.

Daniels has said he will attend council meetings in the eight counties if need be to drum up support.

The next full council meeting in Marion County is June 6. Council members have until the June 30 deadline to vote on the tax increase.

The Stadium Authority Board was formed to deal with the volatile issue of funding for the new Colts stadium and expanded convention center.

Local leaders hope to be able to break ground on a new stadium later this summer.