In Search of $17 Million
With $30 million down, state and local officials are looking to close a $17 million funding source gap for the Capital Improvement Board. With things still fluid behind the scenes, no one was willing to go on the record, however talks have centered as of late on how to close $17 million of the $47 million gap.
All parties seem to agree on including the Marriott in the downtown sports district and increased taxes on tickets, hotel and motel rooms and rental vehicles. However, that doesn’t quite close the deal.
Governor Mitch Daniels says he will unveil a proposal to address the CIB funding shortfall in the budget. Details on that could be available later this week.
There is still discussion of using increased alcohol taxes to close the $17 million gap and adding table games at the Anderson and Shelby casinos to raise revenue as well.
One thing that seems pretty certain is that the Indianapolis Colts and Pacers won’t be contributing anything to help close the operational shortfall.
May 11th, 2009 at 12:51 pm
So more political stopgags and no instutional answers?
May 11th, 2009 at 2:23 pm
Yeah, Jacob. After all, it IS the Indiana legislature. Don’t expect miracles, or leaps of faith or quantum leaps of intelligence.
They were distracted by shiny objects for four months.
May 11th, 2009 at 2:32 pm
Abbie, You dissapoint. Interesting article.
Political cronyism trumps reform
Posted: May 11, 2009
Indystar.com
http://www.indystar.com/article/20090511/OPINION08/905110306/1291/OPINION08?GID=HIbgzpOXhMzkQBk9/BJjEyFEmDKYzKh5EEETLXSg5es%3D
May 11th, 2009 at 3:13 pm
Maybe we should ask the Colts and/or Pacers for a loan. Just think of the interest rate the CIB will “give” them.
May 11th, 2009 at 5:19 pm
The James Irsay Convention Center has great ring to it, especially if the naming rights cost, oh let’s say $3.5M.
May 11th, 2009 at 6:42 pm
Don’t assume that taxpayers should give them $15 million extra a year to the Pacers to run Conseco Fieldhouse!
No one is asking for the Pacers to contribute anything.
Now your $17 million problem is only $2 million gap which should be filled by growth in the convention and tourism business.
May 11th, 2009 at 6:56 pm
What makes anyone think the council will increase the rental car tax and hotel tax? That’s political death for Council Republicans and Ballard needs every last one of them to sign on.
Those proposed increases, making Indy have one of the highest hospitality taxes in the country, is not going to help out the hospitality industry.
This just sounds like more of the same that was offered during the session.
May 11th, 2009 at 6:57 pm
Nick,
You’re assuming that council members are going to bite on those tax increases. Doubtful.
May 12th, 2009 at 12:34 pm
Why do we assume that the Colts and Pacers have a choice in whether or not to contribute to the fix of the CIB mix? Of course we can’t make them write check, but we can increase the ticket tax enough (25% or more) that we can dramatically decrease the number of people that will go to the games – taking money away from their bottom line. Double the tax, and even if half the people stop going – the city doesn’t lose tax revenue, but the Colts lose the ticket money, plus parking and concessions. Not to mention the embarrassment of having one of the NFL’s star teams playing in a half-empty stadium. How long do you think it would take for Irsay to decide that in he wants to be a good corporate citizen and contribute to the fix?