New plan for the Colts new stadium

[CaptainHook]

With a host of tax increases on things such as hotel rooms and restaurant tabs, a Senate Committee unanimously approved a financing plan this morning for a new Colts stadium and expansion of the Indiana Convention Center.

 

The plan, amended into House Bill 1120, calls for new 1 percent restaurant taxes in Marion County and the seven surrounding counties that touch it. Hotel tax rates would jump from 6 percent to 9 percent and local car rental taxes would double, to 4 percent, in Marion County only.

 

Additionally, fans going to Colts games in the new stadium would pay a $3 ticket tax. A $1 tax would be charged for other stadium events. An existing admissions tax would go from 5 percent to 6 percent.

 

In all, the tax increases, as well as other money generated at Indianapolis sports and convention facilities, would raise about $53.5 million annually -- enough, city and state officials said, to fund the roughly $900 million project.

 

The Senate Tax and Fiscal Policy Committee adopted the amendment 11-0, setting up a possible debate in front of the full Senate as early as this week. The funding plan was crafted by Gov. Mitch Daniels and Tax Committee Chairman Luke Kenley, R-Noblesville, but included elements first proposed by Mayor Bart Peterson.

 

"I think we've made enormous progress, I really do," Peterson said.

 

While saying the funding portion of the issue appears to be nearing agreement, the mayor raised objections about a move by Daniels and Kenley, both Republicans, to assign oversight of the project to a new state financing authority.

 

The mayor, a Democrat, says oversight should continue to be the charge of the city's Capital Improvement Board. That body oversees city convention and sports facilities and has guided the construction of Conseco Fieldhouse, Victory Field, and expansions of the RCA Dome and the convention center.

 

"Let the people do it that have been doing it for 30 years," the mayor said.

 

Daniels' budget director, Charles Schalliol, however, said a new state financing authority would guard the state's interest in the project.

 

Under the mayor's plan, the Capital Improvement Board would oversee the project, but its membership would grow from nine members to 11. The two new members would come from the governor's administration.

 

Under Daniels' proposal, a seven-member building authority would guide the financing and construction of the project. The governor and the mayor would each appoint two members. Three others -- the Speaker of the House, the Senate President Pro Tem and the suburban counties -- would have one representative.

 

In essence, the governor's proposal would put Republicans in control of naming five of the board's seven members.

 

A major part of today's debate centered on the financing of the project. Schalliol argued the state could finance the project at lower rates than the city. Peterson strongly denied that, saying the city's stellar credit rating ensures low finance rates.

 

But the mayor seemed to frustrate some members of the committee by agreeing the project could be financed at $53.5 million a year -- about $15 million less than he initially asked for.

 

Peterson said his initial numbers were conservative and pointed out that he promised any money raised but not needed for the project would revert to the state.

 

Still, Kenley, the chairman, said he could have used the lower figure as he tried to craft a financing plan.

 

"You could have saved me a public beating," Kenley said, referring to an earlier plan he unveiled to raise more money that the mayor now says is needed.

 

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[Outshined]

 

Well, it looks like The colts won't be moving to LA. Whats the plan, retractable or outdoor?

[Big Red]

Jim Irsay seems more dedicated (and much more of a man) that his worthless father. Good for Colts fans, it'd be a shame to see them move again.

 

I've actually gained a little respect for Jim Irsay. I read "From Colts to Ravens" by John Stedman, the only man to attend every Baltimore Colt/Baltimore Raven game (AAFC and NFL). The thing the suprised me the most was how pathetic both Carol Rosenbloom (Georgia Fontier's husband) and Robert Irsay where. After one game, Bob Irsay gets on a bus and just does everything to belittle the team. After he leaves the bus, a fifteen year old Jim Irsay gets on and appologizes for his fathers behavior to the team. Guess Bob was a model of what not to be, and Jim was smart enough to see that.

 

Okay, enough nice nice..........Colts suck.

[Bill Swerski]

Whats the plan, retractable or outdoor?

 

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Retractable. It'll also serve as a convention center and will be used during the NCAA basketball tournamnets.

 

Indeed, this is great news!

[bigdadreed]

Retractable.  It'll also serve as a convention center and will be used during the NCAA basketball tournamnets.

 

Indeed, this is great news! 

 

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Where will it be in relation to the current stadium? The current dome is in a great spot. Sounds like the new one must be nearby if it's going to serve as a convention center.

[Bill Swerski]

Where will it be in relation to the current stadium? The current dome is in a great spot. Sounds like the new one must be nearby if it's going to serve as a convention center.

 

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IIRC, it will be in the area that is now the parking lot just south of the Dome. Presumably, the land which the Dome now occupies will become the new parking lot.

[Perinon]

It indeed is supposed to be next door to the current stadium. I haven't heard any news about what happens to the old dome, i can't imagine it will stay around though. (the new stadium is part of a VERY large expansion to the existing convention center, which apparently has a few conventions already feeling confined and looking elsewhere to get more space if it doesn't grow).

 

http://www.indystar.com/articles/5/203557-4955-196.html

 

That link has an artists drawing provided by the city on what the stadium will supposedly look like. (really interesting design, i think)

 

That page also has a link on it to 4 pictures showing the inside, nighttime, etc. views. In the first of those pictures, you can see where Victory Field is just above and to the left of the new stadium (northwest). The current dome is across from that (straight above where the new stadium will go, where that stairstep looking building is to the north). I think the stairstep looking building is the expansion to the convention center. *parking* might be a problem, as i don't see anything in those pictures to describe it. (it's mostly underground in that area anyway, however, so perhaps they will have a large lot under the stadium.)

 

ALSO on that page is a link to a little realplayer video showing how the roof opens and how the stadium is planned to convert to a basketball arena (for the NCAA, not for the Pacers) and convert to a convention area.

[seminoles]

Retractable.  It'll also serve as a convention center and will be used during the NCAA basketball tournamnets.

 

 

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i believe that Indy hosts the mens basketball championship next year

[CaptainHook]

The RCA Dome would be destroyed and the Convention Center would be expanded in its place. The only problem is that the current RCA Dome and the new stadium are seperated by railroad tracks. Tunnels would presumably be used to connect them together. Parking has never been much of a problem in Indy. Lots of street parking, lots, and parking garages. Plenty of parking even if the South Lot becomes the stadium. Only problem is that the South Lot is where the best tailgaiting is.

[CaptainHook]

i believe that Indy hosts the mens basketball championship next year

 

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Indianapolis is in a somewhat regular rotating format that has the city host the Final Four on a fairly regular basis. The fact that the NCAA Headquarters is in Indianapolis has helped the city be guaranteed they are in on the rotation through the 2030's.

Edited April 6, 2005 by CaptainHook