A business hired to assess the economic impact of the Indiana Pacers on the city of Indianapolis says the team positively affects the Circle City to the tune of $55 million per year and nearly 1,000 jobs.
The Capitol Improvement Board released the report Monday. The results were organized by real estate development business Hunden Strategic Partners (HSP).
The HSP report says the Pacers contribute, “$55 million in economic activity each year; a $17.8 million annual net income to Indy’s governmental bodies and the addition of 909 permanent, full-time equivalent jobs.”
Robin Hunden conducted the study.
He said, “If you think back to how Indianapolis developed every time there was a new step taken like Circle Center Mall or the Pacers at Conseco, those are all links in the chain that make it long and strong. So if you start to loose any of the pieces it makes those activities less and has a negative impact.”
The Pacers and the CIB are currently renegotiating the team’s current lease at Conseco.
The Pacers organization has threatened to leave the city because they say they can no longer afford to pay the $15.4 million a year to run Conseco Fieldhouse.
Last month, Indianapolis Mayor Greg Ballard said the city simply can’t afford to lose the Pacers and that the CIB will likely have to manage the facility and shoulder the expenses that come with it.
“Well, we’re really good at taking blood out of a turnip. We’ve done that well within the city and I would suggest that services are even better even though we saved a lot of money. We know how to be very efficient, very efficient,” the mayor said in April.
If the city did decide to take control of operating the Fieldhouse, the study found the cost of running it would be more than the revenue coming in.
Running Conseco would cost the city more than $12 million, the CIB needs to decide if that’s worth keeping the Pacers in Indianapolis.
Capital Improvement Board Treasurer Paul Okeson said the money will come from the one-percent hike in the hotel user fee. The city will also bargain down insurance rates, utility costs and consolidate services at Conseco among other things.
“With a little bit of elbow grease and some good fortune, as well as the state loan, which is another $9 million for each of the next three years coming in, you know, we’ve given ourselves a chance to be able to operate this,” said Okeson.
The Pacers remain committed to funding Conseco until June 30.
according to wishtv.com
