News and Issues
Indianapolis CIB Suffers Big Budget Deficit
Indianapolis’ Capital Improvement Board (CIB) has determined that the costs of operating the new Lucas Oil Stadium are about $20 million more annually than the revenue it earns, and projections indicate that in 2010, the CIB will fall anywhere from $43 million to $47 million in the hole. Indy’s CIB (a.k.a. the sports board) manages and operates Indy’s professional sports stadiums – Lucas Oil Stadium, Conseco Fieldhouse, and Victory Field, plus the Indiana Convention Center.
Indy 500 Champion Helio Castroneves on Trial for Tax Evasion
The trial for Helio Castroneves, who is charged with income tax defraud and evasion, began with jury selection March 2 in a Miami, Florida, federal courtroom. Castroneves is a two-time champion of the Indianapolis 500, and a celebrity champion of the popular TV series Dancing with the Stars. The trial is expected to last up to six weeks. If found guilty, Castroneves could face up to 30 years in prison.
Indy Parks Face Major Maintenance Problems and a Lack of Funding to Fix Them
An evaluation by the Indianapolis Department of Parks and Recreation has determined that the city will need $100 million to fix the maintenance problems that Indy parks are currently facing. From pools to playgrounds to parking lots, the list of needed repairs is a very long one indeed, and finding the funds to make them possible is no small matter, either.
Indianapolis TV Stations Opt to Convert to Digital Broadcasting
While the DTV Delay Act signed into law by President Obama on Feb. 11 gave television stations the option of delaying the conversion from analog to digital TV until June 12, Indianapolis's TV stations pulled the plug on the original date of Feb. 17.