[{"_1":2,"_99":-5,"_100":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6666660,"mediaKeyId","2315737-8134068a9d9a1fd1bcd1df07ac132384","parentId",2315737,"title","Votes at a glance: investment policy renewal, scrap-metal sale, equipment disposal and claims approved","audioSeconds",868,"startMs",2200000,"endMs",3068000,"viewUrl","/Search/View?dp=1&key=2315737-8134068a9d9a1fd1bcd1df07ac132384&start=2200&end=3068","thumbnailUrl","https://assets.pipeline.soar.com/2315737-8134068a9d9a1fd1bcd1df07ac132384/thumbnail_2200000.jpg","articleUrl","/articles/6666660/Indianapolis-City/Marion-County/Indiana/Votes-at-a-glance-investment-policy-renewal-scrap-metal-sale-equipment-disposal-and-claims-approved","mediaUrl","https://secure.pipeline.soar.com/6666660-096cb167b2b930d9dd40b7b97894a7d8/orig.mp4?Expires=1771173887&Signature=dMh5WaLthcWTLmYZlX1PL1kJlUamW4AF0RhhA3xgllZf2GXG9uFg4G00XGg4t0MIkpkXHnO-0iRSUkdYBeTTfPzLE7ZvWCzqp~T7G~J09tUFUUcM4vHRNsRelMtxq2v1DQSK~ioVwARmoCujVkynoaxNEtuFhPFi64SOZQRGkgswOvhi4RUafMuwnNpvS1Zfb0noKI~yx6nD5tvQyA8rVujp~YRw-N2jMPBQeOXVTdYNi0KSufg6NJvRjlF5losEy5UcYjzFHaLaBq5xfe0WTtwa3xixTZW9wDLCPZwr~kkWLowfIYovjiNifHn-jC4H7Cprzm8oSHR2kDkwdNdKDA__&Key-Pair-Id=KUT5TJCACFTXG","author","City Council of Indianapolis, IN","date","2025-02-14T00:00:00Z","article","The Capital Improvements Board approved several routine and transactional items by roll call during the meeting, including an investment policy renewal, the sale of miscellaneous metal, disposal of obsolete equipment and payment of claims.

Investment policy renewal: The board approved the biennial investment policy renewal without substantive changes; staff said only the effective dates were updated. The motion passed on roll call.

Sale of miscellaneous metal: Staff explained that an obsolete seating/flooring configuration system from an earlier Final Four era is obsolete and has no market value beyond scrap. The board awarded the sale to Farnsworth Metal Recycling LLC for $25,000, the highest responsive bid received. The board approved the sale by roll call.

Disposal of obsolete equipment: The board approved routine disposal of obsolete equipment (no dollar amount given in the transcript) and recorded the approval by roll call.

Claims and vouchers: Staff presented two claims sets: an operating expense voucher for $5,094,939.80 and a confirming expense voucher listed in the transcript as $15,529,022.47. Staff described the confirming vouchers to include the annual payment to the Colts for non-Colts events at Lucas Oil Stadium and other routine obligations. The board approved both sets of claims together by roll call.

Ending: Board minutes show all motions were approved as presented; staff did not indicate additional follow-up beyond the normal posting of contracts and claim documentation.","mediaType","Video","parentTitle","City Council of Indianapolis, IN - Capital Improvement Board of Managers - Feb 14, 2025","oneSentenceSummary","The board approved the biennial investment policy renewal, awarded a scrap-metal sale contract for $25,000, approved disposal of obsolete equipment and ratified two claims/voucher sets as presented.","taxTitle","Indianapolis City, Marion County, Indiana","taxId",3627,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6666664,"Capital Improvements Board staff reports record 2024 revenues, Taylor Swift concert drove admissions tax spike",548,45000,593000,"/Search/View?dp=1&key=2315737-8134068a9d9a1fd1bcd1df07ac132384&start=45&end=593","https://assets.pipeline.soar.com/2315737-8134068a9d9a1fd1bcd1df07ac132384/thumbnail_45000.jpg","/articles/6666664/Indianapolis-City/Marion-County/Indiana/Capital-Improvements-Board-staff-reports-record-2024-revenues-Taylor-Swift-concert-drove-admissions-tax-spike","https://secure.pipeline.soar.com/6666664-6463af264507d2ae8684facdb327c3cb/orig.mp4?Expires=1771173887&Signature=hxMUe2RUAvelBXXp4C8KMy0APvoDTzomkmeFzXhSwg-c4~WDsDYuiK~eiSRz43C2GErHObt-uxxd1UbOhQTpbwCYIBK7UsV1kBbmWhePv3afJIHgZnxw8bIeqUwNH-5K3jaF4lTbnGyGzKqQwKTRSTO0YaTL9h4QGzFz03EHtzbUE9sGcovbofkSZferUov9dOxvwLerNI9MggAscWAFplKzIkxAkXMAbQ86neSUAXnVG6I-haQJiEWtq0jcuhnMPHqLwWcP7pl80mUb361SEzPUrRbVLPyK11ykX-Jpep4pBEvitPu1iUf8W2NxhxGZM4WkBrjxCavSpeZKDnEARw__&Key-Pair-Id=KUT5TJCACFTXG","CIB finance staff reported that the board's facilities posted a record year in 2024, with total revenues of $238,000,000, beating 2022 by about $18,000,000. Staff attributed much of the year-over-year increase to a high volume of publicly ticketed events and exceptional attendance at Lucas Oil Stadium and the Indiana Convention Center.

For December specifically, staff provided a month-end recap and noted a positive bottom-line variance relative to budget. Admissions tax revenue was materially higher than budgeted after a major concert run, and an interlocal agreement catch-up payment also arrived in December. Staff said some items that had been recorded on revenue lines for the event were reclassified to expense lines, which left some line items looking irregular while producing a net neutral bottom line.

Key figures and one-time items staff cited:
- Total 2024 revenues: $238,000,000 (record; $18,000,000 higher than prior record year 2022).
- Admissions tax: single-line increases noted (admissions tax reported up by approximately $4,200,000 for the period cited); staff attributed the December admissions tax spike to a high-profile concert series that produced taxable receipts in December.
- Interlocal agreement catch-up: approximately $3,700,000 was recorded in December to adjust a previously budgeted $5,000,000 amount.
- Actuarial pension (PERF) adjustment: $1,200,000 increase in pension expense for the year.
- Capital and equipment purchases late in the year: ~250 new hand-held radios (about $350,000) and ice machines (about $120,000) that had been budgeted as capital but paid from operating budgets, creating variance in line items.
- Grants: staff noted a grant of about $13,000,000 to the Building Facilities Corporation for a future marshaling-yard purchase.

Staff also reported high event attendance for the year, with approximately 2.6 million visitors to Lucas Oil Stadium and the Indiana Convention Center combined. Several large annual events, including Gen Con, the NFL Combine, FDIC and the WNBA Fever events, reached record attendance levels in 2024, staff said. Operating revenues of $72,000,000 were also well above budget, driven by rental, concessions, labor reimbursements and ticket office income tied to events.

Ending: Staff said 2024 was a banner year and thanked the operations and sales teams; they cautioned that some line-item variances were reclassifications or one-time timing effects rather than permanent changes.","Staff reported the CIB recorded a banner 2024 with total revenues of $238 million, higher-than-budget admissions and operating revenues linked to large events, and several one-time items and expenses that affected line-item presentation.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6666667,"Capital Improvements Board OKs $70 million to keep Signia hotel and convention project on schedule",505,2466000,2971000,"/Search/View?dp=1&key=2315737-8134068a9d9a1fd1bcd1df07ac132384&start=2466&end=2971","https://assets.pipeline.soar.com/2315737-8134068a9d9a1fd1bcd1df07ac132384/thumbnail_2466000.jpg","/articles/6666667/Indianapolis-City/Marion-County/Indiana/Capital-Improvements-Board-OKs-70-million-to-keep-Signia-hotel-and-convention-project-on-schedule","https://secure.pipeline.soar.com/6666667-d322dc685a652602409bd33d1d463133/orig.mp4?Expires=1771173887&Signature=YxhVPeCjlEZ4Novp~rMhHCUwZFm-HKlPSl-8lMZ-zUPeViWF9igjVFOKrYFvIg0ZgvqdPAujSMIXktjjymmFwlLVckA5nZjp3TLa7u0ioY-9Y8wbZolyxSGos3RswuFsJL2vNczQOe32QES7yPkiVvyJAhkcG272vSjc2jRUSE7jj6BzMKCJZydLl-Gf58Goj9hsCOBLULQMzmdJVkbyGEIn2Dw1UupsrfAX6XgNRO0lfjAFUA1SCXdg39D2xVbljhDNptyGkhMdsOQNf7u0ZTaOPKzwPRlOq1sU0f9Jysb~v-DQkGPSVLBvqZBm0VQm-RzNjy6oD3NUKF8wFe~QSA__&Key-Pair-Id=KUT5TJCACFTXG","The Indianapolis Capital Improvements Board voted to authorize up to $70 million from the board's fund balance to cover remaining buyout costs and anticipated change orders for the Signia hotel and convention center project, a board member said during the meeting. The city has agreed to share 14% of net hotel revenue (after debt service) and 14% of net proceeds of any future sale, reflecting the board's proportional contribution to construction costs.

Board leaders described the funding request as a response to recently higher-than-expected prices in mechanical, electrical and plumbing trades and tight contractor capacity across the region. The board approved the measure by roll call; the vote was recorded in favor and the resolution passed.

Board members said the request stems from a buyout phase in which subcontract scopes were priced after the bonds were sold. Presenters estimated the anticipated overage on MEP and related scopes would be roughly in the mid-$60 million range; the board approved up to $70 million to provide a margin for additional change orders and integration costs. The presenter said the requested funding will allow the contractor to be paid and work to proceed without further delay as the building rises.

Construction status and rationale: project team representatives reported the Signia block is about 15 stories above grade and roughly 25% to 30% complete by spending measure. They said the team has used about 15 weather days so far and is beginning to pour decks above the ballrooms and to frame those spaces. Because several large downtown projects are building concurrently, board staff said bidding and subcontractor availability have been constrained, increasing prices for MEP trades used heavily by hospitals, hotels and manufacturing facilities.

Financial terms and projections: as part of the funding arrangement, the city agreed to allocate the board 14% of net hotel revenue after debt service and 14% of net sale proceeds after any defeasance. Presenters included a pro forma that showed net revenue projections averaging about $37 million annually over the first 15 years, with first-year net revenue roughly $20 million and longer-term growth to the mid-$50 millions in later years under the forecast used in the materials. The board's contribution does not change its legal liability on existing bonds, the presenter said.

Next steps and oversight: board members asked for continued updates as the buyout and contractor negotiations conclude. Staff said they will return with specific contract change orders and will monitor the MEP buyouts closely; any future adjustments beyond the approved amount would come back to the board.

Ending: Board members framed the decision as a way to keep a major downtown project on schedule and protect the board's long-term revenue prospects, noting the sooner construction finishes the sooner the project can generate revenue to service debt and contribute to downtown economic activity.","The Indianapolis Capital Improvements Board approved using fund balance to add up to $70 million to the Signia hotel and convention center construction buyout, with the city agreeing to share 14% of net hotel revenue and sale proceeds as part of the deal.","actionData","errors"]

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Votes at a glance: investment policy renewal, scrap-metal sale, equipment disposal and claims approved

Capital Improvements Board staff reports record 2024 revenues, Taylor Swift concert drove admissions tax spike

Capital Improvements Board OKs $70 million to keep Signia hotel and convention project on schedule