There is no limit to what Indianapolis' Capital Improvement Board can do for the professional sports teams. In yet another slap in the face of hard-pressed taxpayers, the CIB entered into a 20-year lease with the Indianapolis Indians under which it will pay no rent and receive up to $9 million in new improvement over the next few years, for such amenities as: a new digital scoreboard and ribbon board; improvements to suites and premium seating area to accommodate the wealthy and the privileged; and an expanded administrative office.
It's hard to fault the Indianapolis Indians ownership for seeking public subsidies. The oldest franchise in the city has paid its way for years, while the billionaire owners of the Colts and Pacers have picked taxpayers for well over a billion dollars in public subsidies for their for-profit professional franchise teams. The Indians had been paying $500,000 a year to lease Victory Field, in addition to cover annual operating, repair and maintenance expenses.
The Indians will continue to pay those ongoing upkeep expenses without the additional rent payments. Even without the subsidies, the AAA minor league baseball franchise has turned a profit year after year. Unlike the Colts or Pacers, their financial information is made public in annual disclosure to its shareholders. The Indians note their annual rent payments have helped retire the $18 million bond debt issued to build Victory Field. Ownership of the stadium reverted back to White River State Park when the bonds were retired; however, the state is leasing the stadium back to the CIB for the Indians' use free of charge.
Meanwhile, Indianapolis neighborhoods continue to deteriorate as residents' property and income taxes climb and they are hit from all directions with new fees imposed by city government, very little of which seems to get returned to these neighborhoods to pay for basic city services. The only folks who count, the downtown insiders, continue making off like bandits.
11 comments:
Indy 11 will be in line behind them, it is just a matter of time....
Attendance wise the Indians out draw the Pacers and the Colts every year. It's the most affordable sport for family outings. Being a outdoor summer sport it draws a lot of people downtown for dinner and a ball game. Heck you can bring your own dinner and drinks and sit in the outfield and have a great afternoon or evening out. I'll take the Indians any day over the Colts and the Pacers.
Plus I never heard of an Indian getting arrested for doing something stupid.
If only the Pacers and the Colts paid off their bond debt(s) as the Indians have done. If only the Pacers and the Colts paid 500k per year on their leases. If only the Pacers and the Colts were getting 9 million over the next 20 years rather than 160 million in ten years for the Pacers and who knows what the Colts will get in twenty more years. If only the CIB treated the Pacers and the Colts as they do the Indians.
As a loyal reader and (mostly) fan of this useful blog, I would appreciate Gary addressing one point. How realistic is the mantra improving the neighborhoods to be when IPS is having such difficulties, and the charters, other than certain exceptions, don't seem to be as successful as their proponents (and their political enablers) promised. This suggests the wisdom of the late Harrison Ullmann's short comments in a book of essays on the Hudnut years, published some years ago by Indiana University. It seems to be another structural weakness of how local government is forced to survive. Any thoughts? Thanks.
Anon 10:01, I might be wrong about this, but I don't think it's their bond debt. I think it's your bond debt, compliments of the Chubby Marine and his handlers. Just saying.
Let the taxpayers eat cake.
They paid the debt off! Great job Indianapolis Indians!
Maybe mortgages companies will come back on us after 30 years and say now you have to pay rent to live in your home.
Get over it.
Anon 9:05,
The Indians said their $500,000 payment HELPED pay off the debt on the stadium. The team didn't say they paid it off. If you amortize $18 million, paying $500,000 a year doesn't retire the debt.
I stand corrected, their bond debt might not be paid off. However, at least the Indians are paying something on their bond debt. The Pacers don't pay anything for BLF and the Colts pay a pittance of 25k per game. So in retrospect at least the Indians are being good citizens unlike the Pacers and the Colts.
The Indians are the best ticket in town and have been affordable for more than just the wealthy. They will continue to be the most affordable, best ticket in town. Support by the CIB is long overdue.
Only the wealthy can support the prices of Colts and Pacers games and outrageous salaries of their players and venues.
Anon 9:02: It's an end to abuse of the public treasury that's long overdue; not a continuance of same. Corruption isn't the answer to sustaining that which is "good."
Post a Comment