CIB Countdown
There are two important events this afternoon with the Capital Improvement Board.
First, the CIB meets this afternoon. If my memory serves me correct they will go over their budget. There has been some questions about how they have narrowed their funding gap down to $5 million. From what I was able to gather over the weekend, the renegotiated contracts and made some adjustments in their utility usage. I’ll know more this afternoon.
Second, the City-County Council votes tonight on whether to raise the hotel tax one-percent, which would make the CIB eligible for state assistance. Right now , the number of votes is still at about 10. The big question will be to see how, if any, Democrats get on board. Word is that Democratic County Chairman Ed Treacy has instructed his caucus to vote “no” however I also hear Democrats are getting pressure from unions and their business interests to vote in favor. I frankly think this will be a game of political chicken tonight, so I’ll be watching to vote tally closely.
Finally, I’m doing some legal research this afternoon, thank God for that law degree, on what happens if the whole thing goes south and can the city legally give the keys to Lucas Oil and the Convention Center back to the State and what if the State says “no.” Someone has to be the grown up in the room.
Already my research has found that the Pacers don’t get an automatic $50 million payment if they terminate the lease early on Conseco. They would pay a penalty, but it’s based on a complicated formula and could not be more than $50 million. It’s amazing what happens when you actually start reading an agreement.
Stay tuned. I’ll be blogging and Twittering throughout the day.
