CIB to help with millions in Super Bowl costs
INDIANAPOLIS - The city's Capital Improvement Board is budgeting $8 million to cover some of the costs associated with hosting Super Bowl XLVI. The CIB runs the Convention Center and the city's sports venues, including Lucas Oil Stadium.
On Monday, the board approved a plan to cover private security as well as some of the other operational costs including staffing and utilities. Also included in that $8 million appropriation is $4 million for the city's Department of Public Safety. A spokesperson for Public Safety Director Frank Straub said it's earmarked to cover overtime for police and firefighters during the Super Bowl, noting 150 officers would be positioned inside the stadium alone.
CIB president Ann Lathrop said the board offered to help with the public safety expense knowing city was facing big budget challenges with a drop in property and income tax revenue. And unlike years past, the CIB is much better financial shape - in part because of more hospitality tax revenue coming in following the opening the convention center expansion and new JW Marriott Hotel earlier this year.
"I think, in general, we get the hospitality taxes that are going to be coming in due to the event," said Lathrop. "Given the significant, one-time-only impact this is going to have, we think it is the right thing to do as good corporate citizens."
Lathrop said the NFL has agreed to reimburse the CIB roughly $4.2 for specific gameday expenses including private security. She said the CIB hopes to recoup the remaining $4 million from the extra tax revenue generated during the Super Bowl.
Right now they're looking at a net loss of roughly $800,000. Lathrop said the goal of the CIB wasn't to make money off the Super Bowl but to help the city facilitate an event expected to generate millions in economic impact.
She said the lease between the CIB and NFL for the use of LOS and the Convention Center will cover the reimbursements. She said it's expected to be finalized very soon.
The CIB budget must still be approved by the City County Council.