Senator says Colts and Pacers willing to work on CIB shortfall

The IBJ

State Sen. Luke Kenley (R-Noblesville) said today that both the Indianapolis Colts and Indiana Pacers are interested in helping the city's Capital Improvement Board dig out of its $43 million annual operating deficit.

Kenley, chairman of the Senate Committee on Appropriations, said he has met with each team's representatives to address budget shortfalls plaguing the Indiana Convention Center, Lucas Oil Stadium and Conseco Fieldhouse. The CIB owns and oversees the buildings.

"Both of these teams have always been good community citizens and worked long and hard, in good faith, with city and state officials to forge long-term agreements that enhance the quality of life for central Indiana, and we intend to honor those agreements," Kenley said in a statement.

The CIB expects to incur $15 million in Conseco Fieldhouse operating expenses next year. A provision that allows the Indiana Pacers to renegotiate their lease after 10 years likely will trigger the additional cost.

The organization's shortfall also includes a $20 million deficit for Lucas Oil Stadium, which is roughly twice the size of the former RCA Dome and more expensive to operate. The CIB and the Colts split the revenue from outside events, which should become more numerous once the expansion of the convention center is completed in 2010.