As the Capital Improvement Board goes forward with extending its temporary deal with the Indiana Pacers for another year over the operations of Bankers Life Field House, a rather interesting dance is about to take place.
The CIB easily improved a $10 million loan for the Pacers to operate the Field House. That loan is under the same terms as the original three year deal, the longer the Pacers stay in Bankers Life, the less they have to pay back. CIB officials say the extension was needed as the two sides work out a longer term agreement.
However, there are numerous issues that will have to be resolved such as who operates the Field House and what revenue sharing agreement, if any will take place?
There is the issue of taxes (rental and hotel) and whether they will be raised to cover the facility’s operational costs? If they are Indianapolis City-County President Maggie Lewis says Mayor Greg Ballard will have to take the lead on that. And then there is whether any of those tax increases will go to cover public safety.
And speaking of public safety, there is the outstanding issue of the recent $15 million PILOT the city levied against the CIB to help shore up the public safety budget. The State Board of Accounts sent the CIB a letter basically saying the way in which the Council levied the PILOT was a violation of state law. The CIB is appealing the PILOT and the issue could take years to resolve.
Below is an audio montage of CIB Chairwoman Ann Lathrup, City of Indianapolis Spokesman Marc Lotter and City-Council President Maggie Lewis.
The entire audio clip is nine minutes.