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Construction begins on Colts new stadium!


CaptainHook
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State, city and Colts officials worked on the finishing touches of a stadium development agreement and a 30-year lease on Thursday while construction crews began demolition at the stadium site in Downtown Indianapolis.

 

"The lease, I would say, is essentially done," said Mayor Bart Peterson. "If ground isn't broken before the beginning of this season, then clearly we're behind. I think that's the sense of urgency that everyone feels."

 

The three-way negotiations have slowed the process, which has also been held up by disagreement over a $3 ticket tax the city and team oppose but the state legislature authorized.

 

But the ticket tax dispute no longer seems to be a critical issue, and all signs point to an agreement soon -- just in time to begin a three-year construction schedule that would have the stadium open by September 2008. Originally, groundbreaking was scheduled for Aug. 1.

 

Demolition workers on Thursday gutted the inside of a former auto parts distribution warehouse -- the building just south of the RCA Dome known for its Colts blue paint and a giant white horseshoe on the side.

 

The site supervisor said the building will come down next week. A wrecking ball could begin knocking the warehouse down as early as Monday.

 

The city owns the building, but Peterson nevertheless called the work a signal that all parties are confident a deal is close. The Colts declined to comment on the negotiations.

 

The city's Capital Improvement Board, which operates the RCA Dome and Conseco Fieldhouse, has been paying the bills for minor demolition, architecture design and other prep work necessary to start the project. A stadium development and lease agreement are necessary, however, before major work can start.

 

Once the state builds the project, the city will take over the building that could host up to 200 events a year in addition to approximately 10 Colts games.

 

The Indiana Stadium and Convention Building Authority, created by state legislators, has no money to operate until the lease and development agreement are signed, allowing financing to begin. Yet it's this authority that must negotiate the development agreement to determine everything from the architectural design to the retractable roof to the number of concession stands, suites and seats inside.

 

Authority Chairman David Frick said the financing situation has made getting the stadium going more difficult. But the former WellPoint executive and the architect of the Colts' original move from Baltimore in 1984 said there's always a huge front-end investment of time before a deal is struck.

 

"This is the first time in my life I was told: 'Go develop a deal, and by the way, you don't have any money to do it.' "

 

Running on a shoestring with little staff and the Capital Improvement Board's help, the authority is headed by John Klipsch, an experienced dealmaker behind Downtown projects such as Conseco Fieldhouse. He has yet to be paid a dime.

 

Klipsch said he has a good working relationship with the improvement board.

 

"But because we're in negotiations, it makes it more difficult to get done on time," he said. "The CIB is helping with the small things, but they can't be expected to do major things like mass excavation or buying properties."

 

Already, the Capital Improvement Board has fronted the authority about $10 million to pay contractors who have done substantial work so far on the stadium, especially HKS Architects of Dallas and Arizona-based Hunt Construction Group.

 

One of the primary stumbling blocks at the outset of negotiations was the ticket tax authorized by the state legislation that created the stadium authority. The Colts' stadium agreement with the city at the end of last season never included the tax, and the Colts say it's unfair to tax fans twice, according to city officials. The present admissions tax will rise to 6 percent from 5 percent.

 

State officials felt it was necessary both for the millions the tax would raise and to ensure a sense of balance. If residents of the city and surrounding counties must pay a 1 percent food and beverage tax to help fund the stadium, Colts fans should pay, too, said Sen. Luke Kenley, R-Noblesville, a primary architect of the legislation.

 

Peterson said he understands the ticket tax is no longer part of the deal because the stadium can be paid for without it. Chuck Schalliol, director of the Indiana Office of Management and Budget and Gov. Mitch Daniels' chief financial official, said Thursday the tax is not essential.

 

Kenley said the legislation did not fund the authority without a lease agreement to safeguard public money. Without a deadline, there would be no pressure to finish the lease, he said. Nearing construction within months of the session's May ending is extraordinary, he added.

 

"Why commit that kind of money without a lease?" Kenley said. "It takes all three parties to get the resources."

 

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Just out of curiousity, how old is the RCA dome?

 

Will that will be demolished after this is built?

 

949446[/snapback]

 

 

 

 

The RCA Dome was opened in 1983. It will be demolished to allow the Convention Center expansion that was tied into this stadium financing package.

 

 

I hear they have a built in kleenex dispenser next to the throne peyton demanded they build for him on the colt sidelines.

 

949451[/snapback]

 

 

 

 

Is Jacksonville still going through with the plan of having to put a tarp over 10,000 seats this year, 'cause that sad city and it's fans won't go to the games?

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Guest THEbigred
I hear they have a built in kleenex dispenser next to the throne peyton demanded they build for him on the colt sidelines.

 

949451[/snapback]

 

 

 

Let me guess, you're either a) a Baltimoron or :D a fan of a team with a sucky QB or of course c) both

 

 

:D

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Congrats, the fans deserve a better place to watch the team.

 

If they hold a raffle to determine who gets to push the button to blow up the Hoosier Dome, I'll ask you to buy me a few tix. :D

 

LOL @ the Manning comment from H8. He does get a bit whiney when things dont go his way.

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Shouldn't news of this minor magnitude be on another forum?

 

Like Non-Sports?

 

952742[/snapback]

 

 

 

 

You're probably right. We can put it next to info about the Bears. :D

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The Indianapolis Colts and city negotiators today agreed to a 30-year lease, a major step toward building a new football stadium Downtown.

 

“The Colts will be here for a generation,” said Fred Glass, chairman of the city’s Capital Improvement Board. “Folks can feel comfortable buying their grandkids a Colts T-shirt.”

 

City officials said it is now up to state negotiators to complete a stadium development agreement before construction may begin.

 

“We are pleased to have reached agreement on all issues with the CIB (Capital Improvement Board) related to the lease and look forward to the successful completion of all other unfinished agreements,” Colts owner Jim Irsay said in a statement today.

 

Copies of the 85-page lease were distributed after the Capital Improvement Board approved the agreement. The board authorized Glass to sign the lease.

 

Glass said the lease is very close to the points agreed to by the team and city earlier this month. The team gets the naming rights to the stadium and continues to take in all revenue from Colts games. The team will also get a percentage of all events held in the stadium.

 

The city will no longer be obligated to make payments to the Colts if the team falls below certain income levels.

 

A lease and stadium development agreement are needed to begin a three-year construction schedule that would have the stadium open by September 2008. Originally, groundbreaking was scheduled for Aug. 1.

The city's Capital Improvement Board, which operates the RCA Dome and Conseco Fieldhouse, has been paying the bills for minor demolition, architecture design and other prep work necessary to start the project. A stadium development and lease agreement is necessary, however, before major work can start.

Once the state builds the project, the city will take over the building that could host up to 200 events a year in addition to approximately 10 Colts games.

The stadium will replace the RCA Dome which will be removed for expansion of the Indiana Convention Center.

 

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