Capital Improvement Board and Colts Reach Agreement
The board that controls the city's major sports venues will pay up to $2 million to expand two suites at Lucas Oil Stadium. The deal is part of an agreement that also settles a long dispute over allocation of concession expenses.
The Capitol Improvement Board (CIB) and the Colts have finally agreed how to divide the concession cost, which will result in the Colts paying $70-thousand to the CIB to cover expenses dating back to 2008. The Colts will also pay for the entire cost of new ribbon boards to display messages in the upper southwest and northeast corners of the stadium.
The third part of the deal also ends a disagreement over the admissions tax. The Colts were balking at paying the extra 4-percent after the city raised the tax from 6 to 10-percent. The Colts have dropped their reservations, which means an additional $4 million to the city this year.
The CIB's total budget is just over $100 million, and with up to $2 million being spent on the suites, the CIB will have about $2-3 million left over in their operating budget.