Comments on Advance Indiana™: Praise For Stadium Financing

"What really ticks me off is how everyone said thi...

2008-08-18T16:44:00.000-05:00

"What really ticks me off is how everyone said this was "Indiana's Stadium.""

It's NOT Indiana's Stadium...it's IRSAY'S STADIUM.

We PAY for it, HE gets the MONEY.

If Lucas Oil Stadium is truly the People's Stadium...

2008-08-17T15:47:00.000-05:00

If Lucas Oil Stadium is truly the People's Stadium as Irsay proclaims, then he should have no problem paying rent and operating/maintnenance expenses as any other commercial tenant would be expected to do under a lease.

The Colts are a tenant in the new stadium. To giv...

2008-08-17T15:33:00.000-05:00

The Colts are a tenant in the new stadium. To give a tenant control over the stadium's schedule and 1/2the revenue from on-football events was an outrageous give-away by Fred Glass and the Peterson administration.

the 'free tours' actually involved $200K from the ...

2008-08-17T15:29:00.000-05:00

the 'free tours' actually involved $200K from the 'Stadium Authority' to pay for it (according to WTHR's reporting). TANSTAAFT.

Although people weren't actually allowed into the behind-the-scenes areas they hoped to see, by golly the souvenir shop and concession stands were in full operation.

Ir$ay is a hypocrite. He could care less about th...

2008-08-17T15:15:00.000-05:00

Ir$ay is a hypocrite. He could care less about the people of this city...only that they pay the price to see those football games at his new Gladitorium.

And spooknp, it is not any better to blackmail the entire state than it is to blackmail Marion and surrounding counties. That stadium should have been 100% financed by Ir$ay and leased to the city to manage for Conventions when in not in use by the Colts.

Weren't the original Dome bonds re-issued to pay f...

2008-08-17T14:42:00.000-05:00

Weren't the original Dome bonds re-issued to pay for Victory Field, Canal improvements, the Conseco Fieldhouse Parking garage, and upgrades to the Dome itself at various points? That being the case I think the requirement to pay down the debt with any additional tax revenue was a needed requirement.

If past is prologue, Sean, the answer to your ques...

2008-08-17T14:30:00.000-05:00

If past is prologue, Sean, the answer to your question is Yes.

Bob Grand hopes that filling the stadium with non-...

2008-08-17T14:10:00.000-05:00

Bob Grand hopes that filling the stadium with non-Colts events will cover operating costs.

Considering Fred Glass gave Jim Irsay control over the stadiums schedule and 50% of these non-Colts revenues, shouldn't Jim Irsay be required to use his Lucas Oil Stadium profits to promote the city and fill the stadium with profitable events and conventions?

Public private partnerships should benefit both parties.

In this deal, all I see is the public getting all the bills and the private party gets all the profits.

AI - good post. I wonder though, would we tolerat...

2008-08-17T14:01:00.000-05:00

AI - good post.

I wonder though, would we tolerate Eli Lilly demanding that the city build them a 60 story high-rise for a new headquarters under threat of them just moving to another state? As well as demanding we pay their water, electric and maintenance?

The one option that you have not considered as a r...

2008-08-17T13:44:00.000-05:00

The one option that you have not considered as a repayment source for stadium operating expenses is a taxpayer owned parking garage next to the stadium as originally planned.

It appears the maneuvering by private interests to capture this last remaining stadium revenue source from taxpayers is holding it back.

I'm going to take a stab and guess that the origin...

2008-08-17T09:37:00.000-05:00

I'm going to take a stab and guess that the original tax rate was based on what was estimated would be needed to cover the operating and maintenance expenses in addition to the construction debt.

Being off by a factor of 3 or 4 on the tax collect...

2008-08-17T09:21:00.000-05:00

Being off by a factor of 3 or 4 on the tax collection estimates makes me wonder how far off they were on estimates of how much money it is supposed to 'generate.'

I read that article this morning and almost threw ...

2008-08-17T07:55:00.000-05:00

I read that article this morning and almost threw up. The Star ceased to be a newspaper several years ago, now it's just one big PR machine.

Read Ketzenberger's articles and some of the other business "fluff". It reads like paid PR.

(The link to the Star story is broken btw.)

The article stated that the surrounding counties c...

2008-08-17T07:48:00.000-05:00

The article stated that the surrounding counties contributions are capped at $5M and that the capped has been reached and the counties participating are getting more money back. It is going to be very, very hard for the state to go back on that promise. Mitch had to bribe the surrounding counties anyway with a .5% cut of the tax just so they would pass it. The surrounding counties need money. Something tells me that the state and Mitch won't be bailing out Marion Co./Indy anytime soon. If they need money, they need to jack their food and beverage tax another 1% or so, that is what they need to do.

What really ticks me off is how everyone said this was "Indiana's Stadium." I actually agree with that. Given the visitors from all over the state that use the stadium for IHSAA football finals, conventions, and to watch the Colts and the NCAA, the food and beverage tax should have been a state-wide tax. It would have been easy for them to get it passed: If your county doesn't pay into the fund, no high school from your county gets to play in the stadium. If such a high school goes to the IHSAA finals, they have to play at their school or the school of the other team. Had they done this, the taxes would likely have had only been 1% for a handful of years. They could have also bribed these counties with a cut of the tax as well. Now Indy and Indy metro residents are paying the bulk of building a Taj Mahal that people from Wayne, Allen, Monroe, etc. get to enjoy.