INDIANAPOLIS (WISH) - The Capitol Improvement Board, which owns and operates Lucas Oil Stadium, has reached a master agreement with the Indianapolis Colts that addresses concession revenue, the admissions tax, and new suites.
Board members voted in favor of the agreement during Monday's regularly scheduled meeting.
The Indianapolis Colts requested two new suites be installed on the upper suite level. The organization also asked two existing food pantries to be converted into small cooking kitchens.
Under the agreement, the CIB will pay up $2 million for the cost of the improvements. The Colts will be responsible for all costs above $2 million.
CIB Board President Ann Lathrop says when Lucas Oil Stadium was built, a total of six suites were intentionally left unfinished. The new agreement will finish the first two of those six suites. The board will ask for bids to determine costs and chose a contractor.
Construction likely will not be completed before the next football season begins.
"Having the facility at a top notch level helps us get other events, not just Colts games" said CIB President Ann Lathrop. "There are conventions that use the facility. We just had a wonderful NCAA basketball game last weekend that was phenomenally attended. These types of improvements help for that. They also generate revenue for the CIB."
Another stadium upgrade agreed upon at Monday afternoon's CIB meeting has to do with new electronic messaging boards inside Lucas Oil Stadium.
The Colts requested two additional ribbon boards be installed to enhance the electronic messaging capacity at the Stadium. The football organization will pay for the new boards.
CIB members also addressed a longstanding dispute with the Colts over concession money allocation. Lathrop says both organizations have agreed upon a new concession revenue formula which allocates monies earned at the concession stands. The agreement requires the Colts to pay the CIB around $70 thousand for concession items sold between 2008 and 2012.
A third Colts related topic discussed at the meeting had to do with the Admissions Tax.
In the past, the Colts publicly expressed concern over the tax after board members increased it from 6 percent to 10 percent. Board President Ann Lathrop says the Colts have agreed to collect and remit the Admissions Tax to the State. The 10 percent tax is expected to bring in $10 million a year.
CIB board member and City Council President Maggie Lewis was the only person to vote against the master agreement.
Lewis said she voted "No" because she didn't have enough information to make an informed decision when it came to how the Admissions Tax revenue would be spent by the CIB.
"One of my biggest concerns was we were not undermining what the council just did with the admission tax. I want to make sure the city does receive those dollars" said Lewis.
The town of Greenfield mourned the loss of its mayor, Richard "Dick" Pasco on Tuesday.
Interstate 70 east near Interstate 465 was reopened Tuesday evening after a crash blocked all lanes around 6:30 p.m.
If you're looking for something to do over the next seven days you may want to check out Bankers Life Fieldhouse.