The Senate Tax & Policy Committee amended out out of HB 1273 this morning a funding mechanism for an $83 million soccer arena for the Indy Eleven minor league soccer team and replaced it with a plan to renovate Carroll Stadium. The Senate plan would allow for $20 million in bonding authority for renovations to the stadium to enlarge it from a 12,000-seat facility to an 18,000-seat facility, which would remain under state control. If Indy Eleven owner Ersal Ozdemir wants something better, State Sen. Luke Kenley told him to put up his own money. "How fancy or how nice the stadium will be will depend on what he wants to put in," Luke Kenley, R-Noblesville, told the Indianapolis Star. "The amount of money we're putting in would rehabilitate the current stadium."
The source of funding to pay debt service on the $20 million bond issue remains the same. The Professional Sports Development Area ("PSDA") would be enlarged to encompass the stadium grounds and a planned new hotel Ozdemir is building at Illinois and Market Streets. The PSDA captures sales and income taxes that are used by Indianapolis' Capital Improvement Board to support the various sports palaces and convention center it oversees. Taxpayers are obviously still on the hook to pay for the costs of the renovated stadium, not just as much. One burning question is who will be responsible for the costly, long-term maintenance costs of the stadium. If Ozdemir's lease agreement is no different than the Colts or the Pacers, it means taxpayers will be picking up 100% of those costs.
According to the Star, Ozdemir was non-committal on where he stood on the proposal and whether he was willing to put up any of his own money, calling it "a great step forward. "We've always said we want to be part of the solution. It's just difficult to say, where we are now. We believe in this. If this works out to be beneficial for all involved, we will always be at the table." Ozdemir will never put up a dime of his own money. The power brokers will tell Ozdemir that he can sell the naming rights to this state-owned facility, and they'll count that as his personal contribution to the project.
Good. This should put an end to those plans of Indy's sissified urbanists' stupid plans to make Michigan and New York two-way streets.
ReplyDeleteYou can't have two-way streets and flow traffic out of an improved Carroll Stadium in any efficient manner.
One-way streets give maximum car flow, and it's all about cars in this world. Flow, flow, flow the cars.
And, as always, if you see an urbanist, go ahead and give them a good punch in the face.
3:38, the city already has plans to convert Michigan and New York into two-way streets.
ReplyDeleteGary, does the psda funding mechanism capture sales taxes only, or does it also capture property taxes like the many tif districts that siphon already scarce property tax dollars away from schools, libraries, parks, etc?
ReplyDeleteWell. Sounds like one state official finally found some moxy.
ReplyDeleteThe PSDA doesn't capture property tax revenues, only sales (including hotel) and income taxes; however, the hotel project Ozdemir is undertaking is within the downtown TIF district so the increment created from that redevelopment project will be captured by the TIF district.
ReplyDeleteSend Indy Eleven to Turkey! We don't want them!!!!
ReplyDeleteOur representatives will more than likely develop and agree to the idea of giving any and all monies generated by the stadium to Ozdemir.Even if he doesn't give one dime to the project.
ReplyDeleteIt will be similar to the Lucas Oil Stadium deal for Irsay. Even if Irsay was to aimlessly wander the lawn of his palatial estate in a drunken stupor and pass out wearing only his socks whilst a Kenny Chesney concert is happening at LOS,he is still "earning" hundreds of thousands of dollars during the concert.
So PA, CT, RI, and IL are full of bigots?
ReplyDelete