CIB Still Has No Plan B

CIB leaders are so confident of their ability to wield control over Indiana lawmakers to get what they want--a $47 million bailout--that they needn't bother with a contingency plan. "There is no Plan B," [CIB President Bob] Grand said. "I won't talk about those scenarios until I face them. I don't have the time or money to pay lawyers to figure that out. If it falls through, there will be plenty of time for that." One thing that will not occur, regardless of what the legislature does next month during its special session, is the closure of Lucas Oil Stadium, a point I've made repeatedly on this blog. The Star's Brendan O'Shaughnessy writes, "The state would take over operation of Lucas Oil Stadium, because the Indiana Stadium and Convention Building Authority holds the roughly $1 billion in bonds for the construction of the stadium and expansion of the Indiana Convention Center."

The simple solution to the CIB's current funding woes is to return LOS to its rightful owner, the State of Indiana. "If the CIB stops operating the stadium, another operator would be put in its place," Kitchell said in an e-mail. "We could do this very quickly without interrupting scheduled events." What we'll discover after the state assumes control of LOS is that the CIB deliberately lied about the true extent of the higher costs of running the new stadium. The Daniels' administration will discover those costs to be well below $20 million. Significantly, the state will be able to tap existing revenues from the regional food and beverage tax, which are currently running ahead of expectations by millions, to offset some of those costs. O'Shaughnessy's article notes the reluctance of city leaders to discuss this possibility. As I've stated on previous occasions, the lure of having free tickets to dispense to local politicians for Colts games and other events at LOS is intoxicating.

O'Shaughnessy's story also discusses Sen. Mike Delph's suggestion that the CIB file for bankruptcy, an idea touted by fellow blogger Paul Ogden. "Delph said the threat of bankruptcy -- a scenario that could include a judge reworking contracts -- would change the balance of power with the Indianapolis Colts and the Indiana Pacers, who have so far not agreed to contribute the $5 million asked of each as part of several bailout scenarios," O'Shaughnessy writes.

Incidentally, I think O'Shaughnessy has been reached. No longer does he use the term "bailout" when discussing the CIB's efforts to get approval for tax increases and revenue enhancements to the tune of $48 million a year. He now calls it a "rescue plan." Hmmm.

If Gov. Mitch Daniels proposes a bailout plan for the CIB when he announces his new budget proposal tomorrow night, I believe this is one of those things that will not go unnoticed among the conservative blogs across this nation. Maybe that's of little concern to him, but if he is truly interested in a White House bid some day, that's not the sort of news he wants coming out of the Hoosier state about his administration. The best solution is for him is to tell the CIB to return LOS to state control and pledge to operate it smarter and more efficiently than the CIB. Asking taxpayers to dig deeper into their wallets to provide more subsidies to the billionaire sports team owners will not play well in the Hoosier state or among the Republican faithful across the country to whom he would look for support in a potential presidential bid.