INDIANAPOLIS (WISH) - The CIB has passed their budget for 2014. It's showing a deficit of more than $33 million and most of that will pay for Bankers Life Fieldhouse.
About 2/3 of the deficit will go to the Pacers home base -- $10 million for upgrades to the building and another $11 million for operating costs.
"It's our building and what we need to operate, and the reality is it's our building and we need to look at what it would cost to operate it," says Ann Lathrop the Chairperson of the CIB.
The Pacers and the CIB have not yet come to an agreement, but Lathrop says the negotiations are going well. As the two sides negotiate a longer contract, the CIB wanted to make sure they're covered if and when an agreement is reached.
"We want a long term deal. There will probably be some good seasons and some bad seasons. You have to look at the overall impact kind of average," says Lathrop.
Currently the Pacers are locked in until June 2014, however, after that the team could leave.
"Whenever you think about our long term plan right we definitely want a good long term plan. Not only do they bring the Pacers, but they bring the Fever. They've done an excellent job at bringing several concert venues to this town. You think about losing that and it's not an easy thing to replace," says Lathrop.
While the numbers are large, the CIB chairman says they have it covered. She says one account has more than $40 million in it from refinancing bonds. Another account $50 million that will pay for the more than $33,114,000 discrepancy.
"We knew this was coming. We knew we were going to need dollars for some facility issues and we went ahead and did that," says Lathrop.
Now it's up to the City County Council to agree.
The CIB passed the budget. It now goes to the City-County Council for review.
The final approval of the budget is slated for October 14.
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