Any CIB Bailout that does not include any MEANINGFUL contribution from the Colts and an increase in payments to the Pacers will be a complete capitulation.

“New sports district” (please correct me if I’m wrong), is seemingly innocent language for a location similar to a ‘TIF’. A designated area where tax revenue that normally goes to provide police, repair streets, tear down abandoned housing, or other services that are normally a priority, are redirected to instead support a sports/convention stadium.
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Do you believe a sports/convention stadium is more important than providing adequate police, street repair, abandoned housing removal, sewer maintenance, education, etc., for a city?
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No new taxes. No casino. No diverted revenue stream. Since “a deal is a deal”, hike the ticket prices for the venues as needed.
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To analogize this scenario: If Mr. Irsay is the head of this “endeavor of ill repute”, and Mr. Polian serves the normal function that a lippy guy with a flashy ring does on the street, and our state Assembly, Governor, and Mayor choose to lend their support and enter this house for the respective benefits that await them- guess again what role is left for us average citizens? Again, it’s not pretty.

Does the CIB deal involve Circle Centre Development Co’s investors?

There are many taxing “districts” or deal “districts” associated with the Mall…Block 4, Circle City Investment LLC, and more…

Colts and Pacers have a legally binding agreement. Would any of you accept the city reneging on tax abatements with Lilly, Anthem, or any other major employer a couple of years after a deal was signed by both sides? I think most of the people on this blog would cry foul and suggest the city cut some wasteful spending and increase taxes as a last resort. The same concept applies here; the CIB signed a deal and needs to honor it by cutting waste, then looking for enough of a tax increase to cover the shortfall over the next 5 years. They should NEVER look to cancel a contract with a business entity unless that entity violates the agreement; doing so will make it more difficult to land large corporations or developments in the future.

JW,

Companies go to the state to renegotiate their economic development deals all the time.

Usually the companies are not going to fulfill the specified job targets and want to avoid the financial clawback provisions on incentives.

Please remember the Colts have renegotiated their contract with the city at least two times before its expiration.

JW, don’t give me that “legal binding agreement” nonsense. We let companies renegotiate their contracts all the time, including the Pacers and Colts. Apparently you believe renegotiation is a one way street. And if the CIB is declared bankrupt the fact there are “legally biding agreements” means nothing to a federal judge who can rewrite hose contracts.
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The Colts would be smart to bend a little and help out taxpayers. Right now they’ve launched a PR disaster with their attitude. They could be heroes. Instead their one injury of Peyton Manning away from being run out of town.
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JW, the trouble is the “waste” is the Pacers and Colts contracts for their faciliiies. We are or will be operating both facilities and getting virtually none of the revenue from them.

Hey Abdul, if you have a chance, try to incorporate Twitter to your website. It’s been a remarkable avenue for my blog and is helping jump my stats.

Some like Paul Ogden seem to forget that to renegotiate an agreement, both parties must agree. If the Colts or Pacers do not opt to do so, they have a binding agreement. Perhaps instead of bashing and threatening, there should be some calm discussions regarding civic responsiblity and maybe some trade offs…….brute force and threats are not going to work with with crowd.

I don’t recall Mayor Ballard bashing and thrashing. I don’t see any calm acknowledgement of “civic” vs contractual responsibilities by ALL parties in this, during our greatest economic downturn since the 1930’s. It’s unfortunate that we’re down to bashing, thrashing, and posturing – somewhat similar to player contract negotiations, isn’t it?

No new taxes,

What you cite is exactly the problem. You can’t play the nice guy and roll over every time and expect to be an effective negotiator. We are all the time going at negotiations as the nice guy, not wanting to make demands, and every time we get rolled by the Colts and Pacers who frankly understand negotiations much better.
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Regarding the Pacers, they are the ones who want to renegotiate their contract, not the CIB. They don’t have a right to do so…their right after 10 years is to cancel the contract and pay huge penalties to the city. Nonethless, Bob Grand immmeiately, without any vote, agreed to give the Pacers $15 million more. (Of course Grands’ client is the Simons who own the Pacers.) So we’ll be paying to operate Conseco and the Pacers will make all the money off of it. That’s not a “negotiation”…that’s a capitulation.
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As far as the Colts, there are plenty of ways of turning up the heat on them to tweak the contract, including the possibility of bankrutpcy which should be on the table as a possibility.
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You seem to take the approach of “Be Nice” in the hope that the teams will show some civic responsibilities and make tradeoffs. That is exactly the approach Ballard is taking and is the same approach we’ve always taken. You think it’s working? Do you see Jimmy Irsay, waking up and suddenly becoming a good corporate citizen and helpig out taxpayers.
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Bottom line is we’ve tried your “be nice, don’t make demands” strategy. It clearly is not working.