Pace Yourself
Let me ask you a question.
In this economic climate where average people are losing their homes and jobs at a rate not seen since the Great Depression, are you willing to fork over $15 million a year to operate Conseco Fieldhouse because the billionaire Simon family says it’s too expensive for them to operate?
(Insert expletive here) NO!!! That’s exactly what I thought too.
However, the Pacers are standing pretty firm in their demand that the city take over the operational costs of Conseco. In a presentation at this afternoon’s Capital Improvement Board Meeting, Vice-Chairman Patrick Early said while the Pacers have not threatened to leave, they have told the city that all options are on the table if they are forced to keep paying for the facility.
Early says the Pacers have only turned a profit two out of the past 20+ years and by picking up the $15 million operational costs, the team would have a chance to break even. He also said they contribute $8 million in sales tax revenue for the downtown area.
Early made his comments as the CIB outlined $1.5 million in additional cuts in order to close a $36 million shortfall. Cuts were made in grants to the arts, tourism, Indiana Black Expo and other operating expenses. Currently the board has found nearly $8 million, but still has $26 million more to go as well as find a way to pay for $57 million in loans to pay for Conseco, Lucas Oil and other properties.
The Board also looked at what one percent increases in admissions, food and beverage and hotel taxes would bring annually. The total would be about $24 million, but also make Indianapolis first in the nation in admission taxes and second in food and beverage taxes.
Just about everyone is waiting to see what kind of solution Indiana lawmakers come up with. But I can tell you this, I pity the politician or billionaire who asks the general taxpayer to pick up the costs of Conseco. I have a pretty good idea what the reaction will be and involves torches, pitchforks and a lot of (figuratively speaking) bloodshed.
