A Deal’s a Deal
By now you’ve heard the City and the Indiana Pacers have worked out a 3-year deal with the Indiana Pacers to take over the costs of operating Conseco Fieldhouse. The terms are pretty basic, the city “loans” the Pacers $33 million and change and the longer the Pacers stay, the less they have to payback over time.
All parties say this will get the team through the next three years until a new NBA collective bargaining agreement can be worked out and it will also give revenue from a new convention center and hotels to kick in, thus giving all parties a better idea of what there finances will be.
This is one of those moments where my ideological nature runs contrary to the practical side of my personality. I am not a fan of bailing out private businesses, however whether the Pacers were there or not the City was going to have to spend an estimated $12 million on maintaining the building.
The only other bit of “good news” in all this is the fact the money to operate Conseco is coming from existing revenues which the Capital Improvement Board says are up and from already made budget cuts. There are no general sales, income or property tax increases. Only money from the hotel and food and beverage taxes are going towards the operation, as well as a loan from the state.
Like I said, I’m not crazy about, but this is the world we live in and the reality that we face. Now if after three years, the Pacers come back and say they need more help, then I’ll be the first person to go get some plywood and start boarding up Conseco.
You can hear comments from CIB President Ann Lathrup and Pacers CEO Jim Morris below.
