14A: Capital Improvement Board (CIB) Funding Diversification
Improve the resiliency of the Capital Improvement Board by continually evaluating the competitiveness of existing and alternative visitor taxes, alternative funding models, and broadening its investments. This includes considering investments beyond the core portfolio of stadiums and the Indiana Convention Center. We must promote diversification of demand drivers, as well as evaluate the long-term and cumulative cost-benefit analyses of all future investments.
Value to the CommunityThe CIB-supported facilities are foundational assets that support the region's hospitality industry and the jobs and incomes it provides. Ensuring this public-sector entity is financially sustainable is paramount to sustaining these economic benefits. At the same time, exploring ways to leverage the CIB's strengths to invest in and support other assets that mutually benefit residents and visitors could provide new ways to accomplish significant public quality-of-life and quality-of-place projects.
Value to the Hospitality IndustryPerhaps the most important vehicle by which we’ve built this economic engine is the Capital Improvement Board of Marion County, which owns or operates the largest facilities that drive demand. While the fiscal health of the CIB has ebbed and flowed, the COVID crisis has exposed a significant vulnerability in a funding model dependent on large gatherings attended by visitors. While such a black swan event may never happen again, it has exposed underlying challenges with concentrating significant public investments in capital assets whose effective lifespan is much shorter than the fiscal timelines necessary to support them.
- March 2022. Indiana Sports and Tourism establishedBid Fund. While not directly supporting the CIB, the Indiana Legislature created a statewide sports and tourism bid fund to help organize and attract events to be held in the state, with at least 30% of funding to support events outside of Indy. It is administered by the Indiana Sports Corp.