Comments on Advance Indiana™: Ballard Agrees To Give Billionaire Simons $33.5 Million

As long as we (the 800,000 citizens en masse) sit ...

2010-07-14T20:13:38.043-05:00

As long as we (the 800,000 citizens en masse) sit back and take it; they will keep sticking us with the shiv again, and again and again.

i don't think the colts get all non-game reven...

2010-07-13T00:26:51.553-05:00

i don't think the colts get all non-game revenue.

Those tax increases won't even come close to c...

2010-07-12T19:17:51.901-05:00

Those tax increases won't even come close to closing the impending budget shortfall at the CIB. The other downtown hotels are already distressed about the new Marriott Hotel coming on line later this year because it will draw so many customers away from their hotels in this down market. Ann Lathrop is such a liar. It's unbelievable. But don't forget she is getting all kinds of business from the Ballard administration for her employer, Crowe Horwath, in consideration for all of her lying and cooking of the books at the CIB.

We can't graduate half the kids downtown. In...

2010-07-12T18:22:57.260-05:00

We can't graduate half the kids downtown. In the top dozen in forclosures across the country, sidewalks needed, motorcycle and horse patrols threatened or gone, parks and pools reduced, arts and recreation funding for schools lacking, libraries that have to be more closed than open......

We have REAL problems. We're going to spend millions more for grown adults to chase balls? For their rich owners?

I really like rooting for the Pacers and Colts. But, theoretically, these entities were to be big moneymakers. Lots of jobs. Maybe in a large, media-rich market like Boston where the owner can buy the stadium, this IS a sweet deal. Indianapolis is NOT Boston.

How about this: If I'm so wrong, if the Pacers are such a fabulous deal- when, quanitatively
WHEN, do they ever NOT make sense? How much is TOO much?

You're right that the State loan was not going...

2010-07-12T18:18:09.310-05:00

You're right that the State loan was not going to be the final fix, not by a long shot. And, now that the ICVA's tax windfall has been increased, expect that part of the CIB budget to increase by millions a year, as well.

Hope everyone plans on attanding the CIB budget hearings this August and September. Won't be dull.

The City has no choice but to raise those two taxe...

2010-07-12T18:11:39.744-05:00

The City has no choice but to raise those two taxes so that the State loan can be repaid. It was a done deal as soon as the loan was obtained. Repayment to the state begins in 2013, as well.

Pat, both the Colts and Pacers balked at the admis...

2010-07-12T18:04:55.173-05:00

Pat, both the Colts and Pacers balked at the admissions tax because it would hike ticket prices, hurting their ability to raise ticket prices higher. Neither of those two taxes can raise enough money to provide a long-term solution. Remember, the CIB still has about $23 million in deferred debt, in addition to the new state debt it is taking on. Contrary to the CIB's claims, their financial picture has not improved. Check out their latest financials and you'll see what I mean.

Its sort of like 'repurposing' a gift, by ...

2010-07-12T17:52:23.108-05:00

Its sort of like 'repurposing' a gift, by wrapping it again and giving to somebody else. You can get away with it if you keep it to yourself. But, if you let the giver of the gift know what you've done - well, they might not think very highly of you.

The structure of the CIB bailout (was it really ju...

2010-07-12T17:47:22.667-05:00

The structure of the CIB bailout (was it really just last year??) included the 1% increase in hotel tax and the size of the downtown sports tax district - and the offer of a $9 million a year for 3 years loan from the State.

The way things were structured, the City-County Council would be forced to increase the remaining two taxes integral to the bailout, in order to repay the loan. Those two taxes were a 4% hike in the ticket tax and a 2% hike in car rental taxes. The legislature gave the Council a window within which it could raise those two taxes - only between January and March of 2013. That would translate into enough money to repay the State loan and to continue the $9 million extra funding to the CIB.

So, a three year payment to the Pacers of $10 million for three years (do you hear an echo from the $9 million for three years to the CIB?) - 2010 2011 and 2012. Then in 2013, safely after the next Council election and the financial fallout from the superduperbowl, they will be forced to raise the ticket and car rental tax.

Why its almost like "found money". I hope more than a few legislators are casting aspersions on the CIB and Mayor Ballard for bastardizing their bailout plan for new purposes while leaving the CIB in the same old financial mess.

I am glad that Channel 6 asked for your reaction, ...

2010-07-12T17:38:10.198-05:00

I am glad that Channel 6 asked for your reaction, Gary, and SO AGREE with the majority responders to the STAR poll about this immense gift to Simon. What a creepy jerk is Ballard, and what a laughing stock has Indianapolis become!!!

I'd like to show the Pacers the road out of to...

2010-07-12T17:02:03.872-05:00

I'd like to show the Pacers the road out of town. With their history of bringing violent thugs into town, gunfire, violence....now they want government funding.

The millionaires make millions. They use OUR facility and make money from the events held there, parking revenue, and concessions.

I wish the Pacers would pack up & leave.

I noticed you said Herb bought out Mel's share...

2010-07-12T16:36:32.193-05:00

I noticed you said Herb bought out Mel's share of the Pacers. I wonder how he found the money for that? Or was it one of those $1 sham sales?

This makes me want to move from the city. When I ...

2010-07-12T15:11:43.783-05:00

This makes me want to move from the city.

When I was buying a home, I made sure of two things:
#1: The area I would buy a home in had a decent public school system. Though we didn't have kids at the time, and still don't have kids, I wanted to make sure we were covered with decent schools in case our family planning didn't work out as planned.
#2: Don't move into the People's Republic of Marion County unless the deal is so good, it amounts to tens of thousands of dollars in savings to my personal financial picture. There were no deals near that sort of benefit, so I didn't buy a home in Marion County, which is a blessing.

Your comment also needs a little more clarification: One really needs to move away from all cities. I believe that any close to the size of Indy is horribly corrupt. Especially given the layabout and bum mentality that most folks have here (comes from union parents/grandparents if you ask me).

I am planning for possible moves to Rapid City, Cheyenne, Kalispell, or Boise. While I am sure they all have their own problems with hack politicians, the shear fact of their size means they can only take sooo much of the citizens money. Plus, smaller, rural cities of 100K or less usually have less welfare types, so you don't have that burden as well.

What's next.... the Colts asking for more afte...

2010-07-12T12:32:37.291-05:00

What's next.... the Colts asking for more after they redo Peyton's 'Colt forever' contract???

Let's see...Lilly CUTTING more jobs...Indy hom...

2010-07-12T12:13:59.766-05:00

Let's see...Lilly CUTTING more jobs...Indy home sales DOWN 10%...Herff Jones CLOSING plant...taxpayers gouged for $$33.5 MILLION MORE to support a BILLIONAIRE.
What's wrong with this picture?
The Republicans in this county have all gone far stupid.

Yes, Paul, that totally eliminates the bargaining ...

2010-07-12T11:08:34.816-05:00

Yes, Paul, that totally eliminates the bargaining chip the City had with the Pacers and leaves us in a position to continue making these extortion payments through the end of the lease or the team will leave.

AI, The override is my concern. I'm afraid t...

2010-07-12T10:36:57.051-05:00

AI,

The override is my concern. I'm afraid that not only did they give away $35 million more of our tax money, but that they altered the contract to actually give the Simons the right to move the team with little if any penalty.

It absolutely does override the current language o...

2010-07-12T09:59:25.626-05:00

It absolutely does override the current language of the lease agreement.

Melyssa, I'm deleting your comment about the P...

2010-07-12T09:47:41.180-05:00

Melyssa, I'm deleting your comment about the Pacers' CFO. You'll need more proof of that to state that allegation on this blog.

Paul, they say this agreement supplements the orig...

2010-07-12T09:47:41.181-05:00

Paul, they say this agreement supplements the original. My guess is any penalty clause is overwritten with this agreement.

That $20 million penalty claim is outrageous. I wo...

2010-07-12T09:04:00.695-05:00

That $20 million penalty claim is outrageous. I would like to know who it is coming from...it is an outright lie. My guess is Okeson. In 2009, the penalty would have been about $150 million. In 2010, it dropped to only about $138 million.

2010-07-12T09:04:00.697-05:00

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But we now have parity on both LOS and Conseco - w...

2010-07-12T08:33:25.908-05:00

But we now have parity on both LOS and Conseco - we don't get any measurable revenue from either.

Nope, Melyssa. They don't have to approve the ...

2010-07-12T08:24:44.243-05:00

Nope, Melyssa. They don't have to approve the change in the lease agreement because the CIB says it won't require additional funds. We know that isn't true because otherwise they wouldn't be borrowing $27 million from the state. Don't expect any accountability from our City-County Council though. They've been bought off with free tickets to Pacers again.

Am I missing something? Doesn't the city coun...

2010-07-12T08:22:25.901-05:00

Am I missing something? Doesn't the city council have to approve this? And if not, why?