Comments on Advance Indiana™: CIB Sees Surplus But Will Still Borrow $27 Million From State

So sadly true! The Star is not at all concerned a...

2009-11-10T23:13:44.158-05:00

So sadly true! The Star is not at all concerned about Indiana government requiring us to financially support the Pacers.

2009-11-10T19:01:44.511-05:00

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The Star is part of a group of 'civic-minded o...

2009-11-10T09:28:01.101-05:00

The Star is part of a group of 'civic-minded organizations' that still have a loan to the CIB awaiting payment. $33.8 million was the amount at the end of 2007, accumulating unpaid interest as we speak, and due at the end of 2017.

I think the Council dropped its request that they have a final say in any future contractual obligations of the CIB. And the final impression I got is that the Councillors, by and large, feel more money should be sent to the CIB, only it should come from either the State or the donut Counties. So, while this CIB crew may be trying to commit the City to a new Pacers contract for Conseco Fieldhouse before all of their seats on the CIB are cancelled, there is much support for this to be the ultimate outcome anyway.

Just an aside, the City Council has on it's ag...

2009-11-10T08:41:04.003-05:00

Just an aside, the City Council has on it's agenda a proposal to create more control over township budgets. It's too bad that no one has the council wants to control the CIB.

Wait a second...don't they have to run over to...

2009-11-09T20:08:23.821-05:00

Wait a second...don't they have to run over to the council before they do anything with that money? Wasn't part of the bailout that the CIB goes to the CCC before adding any more obligations to their budget?

There are actually two penalty clauses in the Pace...

2009-11-09T20:04:59.698-05:00

There are actually two penalty clauses in the Pacers contract. You take the one that provides for the lowest penalty. The penalty drops a little each year.

Even by the most conservative estimations, the penalty the first year is a whole lot more than $50 million. I did a scenario on my blog which showed that the 11th year penalty would be in the ballpark of $165 million. I think the IBJ came out with the $50 million number awhile back. I don't think their reporter really closely examined the penalty provision and how it worked.

If next we hear the CIB is giving itself a round o...

2009-11-09T19:50:50.857-05:00

If next we hear the CIB is giving itself a round of 'make up' raises in recognition of getting themselves out of the red ink, I swear I am destined to have a massive stroke.