Okay.

Good morning, everyone.

I'd like to call the meeting to order.

Forgot my gallery.

I don't care if my car is anything.

Yeah.

Well, first of all, welcome everybody.

It's been a great week here in Indianapolis.

We had the Ted Sports event, the first ever TED focused event about sports.

It was tremendous.

We just only have four person.

Okay, one second.

We have gone to three, four, five.

Oh, I'm just learning to count.

Okay, I just wanted to make sure I'm not missing something.

Okay.

Two four five.

Okay.

So we're ready to go.

You're okay.

Okay, back to sports.

Um it was a phenomenal event that uh Indio Sportscore and Neil Bought and his company, which escapes me, um, put together, and it was just a very inspiring and just wonderful event.

People from all over the world came and shared with us just incredible stories about athlete development, what we're doing here in Indiana.

Um Rain spoke on a panel.

Alison Barber and Timika Catchy spoke about the Marbella project, and it was very inspirational.

There was a special event that um Dave, I think you've got something to share with that.

Oh the button.

Which sorry.

Oh, sorry.

Yes, yes.

So there it is.

Oh yeah.

Yeah, 30 seconds to make as many baskets as you can.

That is great form.

It was good form.

You will notice on my shooting hand, the cuff is not high enough.

And I airballed half of them.

I don't believe it.

You might have to show that part.

Yeah.

Yeah, no, I I couldn't figure it out then.

It's like, what the awful it was so we got a picture of uh Andy shooting a what's that a three-pointer, four point or somewhere now?

No, this is at the L.

Okay.

Yeah, right.

But anyway, I didn't know Andy was a good program, but we're glad to go now.

I'm from Indiana.

Yeah.

So anyway, back to their agenda.

Um first item would be approval of the minutes of the August 22nd meeting.

So thank you.

You just vote, no roll call.

No, roll call for the colour.

So fine, Sarah.

Okay.

Okay.

All right.

Marcy.

Yes.

David.

I'll Maggie.

I Jim.

I.

Sarah.

Sarah, sorry.

I.

Okay, thank you.

I.

Okay.

Next we have our reports.

Uh first is the monthly financial equipment.

Good morning.

Thank you.

Uh July 2025.

Um finished with revenues minimum expenses of 1.9 million dollars.

That is about 6.4 more than the budget.

Uh positive variance there is mainly due to the emissions tax, which is about $2 million higher than uh expected, and then guild house operating expense line, um, which is about $4 million less than expenses, but I'll go into more detail on why that is later.

Um tax revenues total $13.5 million, which is right in line with the monthly average, and about two million or twenty percent higher than budget.

Um favorable variance there is due to the emissions tax.

Um on the operating revenue side, it was $3.9 million, which is right at our lesson budget at about $346,000.

Uh largest unfavorable variance there is in the rental income and also the food service line.

Uh rental income is down due to the events that we held um and then all the discounts that we were given.

That we were given out.

Um and then food service line is down due to the fixed cost and then also the lack of the uh number of cater events that we had.

Um on the expense side, personal services was right in line with the budget.

Um do want to note there that the medical insurance line is up a little more than it has been.

Um that's just the one one there.

Um total supplies, um, it's over budget by about $66,000 or 11%.

Uh it's due to the parts and supplies there.

We saw um some weapon weapons detection equipment that we purchased for about 300,000 collectively.

The whole of that that's pushing that one up for that month.

Um that was for Lucas Oil Stadium.

Um other services character three is four point seven million dollars or 49% under budget.

Uh largest uh positive variants there um had to do with the field house operating line.

And what that is, um we had an accounting correction.

And prior prior months, um we had fully expensive point of sale system and also video boards for the field house.

Um we determined that we should have um depreciated those or as capital investments.

Um so we brought those back in to depreciate them so it reduced the other services line item, making this look a lot better than this month, but it looks a lot better, and then it's going to be in the capital outplay line.

Um, and that the total of those two combined were 2.7 million.

That's why that looks so much better.

Um speaking of that, the capital A line um total six million dollars, which is about thirty three hundred thousand dollars or five percent less than budget.

Um that 2.7 is in there, as well as some of the bigger items that we purchased.

Uh one and a half million dollars for the 500 ballroom renovation.

There's Roos, we spend a little over half a million.

Sound system about 400,000, um, and that's at ICC, and then uh Lucas Oil, we did some carpet replacement for about a half a million so um so all in all it's a pretty average month with a little county change in there, but other than that, open to any questions.

This is not a dumb question, but I'm good.

In terms of the hotel, motel, food and beverage, so forth.

Or does all does that revenue just come from Marion County, or does it come from I guess for Lucas Oil, some comes from that?

It depends.

It's uh but most of this is all Marion County.

Hotel motel is all Marion County.

Food and beverage is mostly Marion County.

All the food and beverage tax from the surrounding counties goes into the uh revenue deposit agreement for the state.

For each county based on whatever they do, right?

Yeah, I imagine I yeah, I think so.

I think it's different for them than it is for us, but um we have a two percent food and beverage, half of it goes to the state or IFA, um, and just like the one percent of the others go to IFA, and then we keep the rest, it comes to us.

Well, I'm just yeah, I I thought of that a long time.

And admissions taxes is just the buildings that the CIVIC.

Yeah, the other mission tax is it apply to other camps, not for us, but for the I don't think they have locations and I don't think they have admissions taxes in the our buildings, actually.

Sorry, no, no, no, it's good reminder.

Thank you.

Well, you've got four out of five, right?

Uh yeah, right.

Still airballed.

Okay, thank you.

Um other questions?

Okay, we can go to the visibility report.

Good morning, Leonard's on a plane going to Tampa, sends his regrets.

He's uh receiving an award from Smart Meetings magazine for being an ally in uh the promotion of women in the tourism industry.

We have uh Roberta Tisdale and Joyce Russell, two of our directors who are with them to receive reward awards for their work on behalf of this board.

So we're very proud of those three.

I think you'll see some green and some good reporting uh coming up, and I'm gonna turn over to James and then Darren, and we'll take some questions.

Good morning.

Um hotel report for July is is good.

Uh we actually beat our record at 24 and 25 uh for July.

As you know, we've we've uh been playing catch-up because we had such an incredible year in 24.

Uh year to date, we are down in revenue 3.5 percent demand is off 1.9, but in July for the county, demand was up 2.7, and revenue is up 3.2 percent.

And even though we don't have our final August numbers, I believe what we're gonna find is that we're gonna set another demand and revenue record in August, uh, which will help us again catch up a bit, and so we're looking forward to that.

And I will point out that that looks to be better than what the U.S.

has done in July and August.

So uh we're we're happy to report that.

Turn it over to Mary.

Thanks, James.

As far as our booking pace, our definite bookings, we're uh moving the ball forward.

We were at 77% last month, now it's 79, so inching forward.

We haven't plan to get to well over 100%.

So the country started to make decisions now, things have been a little slower, uh as you can imagine.

And uh our tender pace, which is what we have to book, is an all-time high almost three million perks in our funnel, and that's at 143%.

So we're on track to make goal, but it's uh it's not an easy goal, but we're gonna make it.

Would also mention before questions uh in two weeks the visit in the board will be retreating.

That includes Marcy and Andy.

We'll be asking our board to help us make sure that we're on pace for opening up the Signet insignia and the conventional center expansion, how we're marketing the city into the future, and so we're looking forward to having our annual visibility retreat.

Um any questions for the visit indie team.

Even though we're retreating, we're actually charging.

So it's charging.

Okay, thank you.

All right, the next report is uh state conventions.

Okay, thank you.

Good morning, everyone, no problem.

All right, I'm gonna have a short report since we just met three weeks ago.

Um, quick recap of August, our convention center occupancy was 44.1%.

Uh it's not the highest occupancy we've seen, it's not the lowest either, so the road for us there.

Our attendance, however, it was 12,089.

That is very much on the low side for us, and the reason for that, um, it was a lean month in general, and I did report last month that it would be, um, especially in the middle.

Um, the very beginning of August, we had the tail end of GenCon, but we couldn't count that attendance because it started in July, so we didn't double work there.

Um, and then the end of August, we hosted Sam's Club, and we had to move in from do it best, but the middle was uh really lean, small meetings, not a ton of people that came to the convention center.

We also had five dark days in August, which is equal to the total number of dark days we've had all year.

So August wasn't terrible but wasn't um uh extraordinary in any way.

Um we uh ended the month of August, like I said, moving in do it best.

Their show opened up September 5th.

We got them moved out just a couple of days ago on Wednesday.

Uh they were building wide for the first time this year, and they use every bit of their new added exhibit hall space this year.

Uh preliminary reports, well over a hundred new exhibitors for them, so we're really excited to see their growth and their future uh growth as well.

Um September is going to sort of kind of shake out a lot like August, but a little better.

Um we don't have any more building wise, no uh pack building wise now that do it best is behind us, but we don't have any dark days either, so that's good.

And um we have a really really nice lineup of several medium size events that'll round us out for the rest of the month.

We have Indiana Non Public Educators Conference, Indiana Apartment Association, Indiana School Boards, we have Matt Tools Fall Showcase, uh Juice Plus Fall Leadership Conference, Rally Ventures and Revival Hearts.

Those are all repeating customers for us, with the exception of MAC Tools.

So really excited to welcome them to Indy for the first time.

Um and I'll close with um uh sneak peek into October.

When we meet again, it'll be the very last minute day for American Academy of Otomaryngologist.

Um that's a brand new meeting for us, calls A through H, not a building wide, but a great deal of uh convention center space, uh, expecting about 10,000 attendees.

So we're all as a team really looking forward to putting our best foot forward for this uh brand new piece of business, really important piece of business, the medical association, so we're really excited for that.

Any questions?

Um, so about heavy.

So as you know, Heidi reported a few months ago, all the sustainability efforts that we've been uh really coming in on the last couple of months.

Uh one of the things that we also incorporated, um we have a new logo, we should talk about that as well.

You'll see it on these new sustainable uh water bottles that we're gonna start uh using at our pre-cons that our customers get to see those firsthand.

They're now being offered uh for our customers to order for their uh their actual attendees.

We get those requests a lot for those types of things, so we're now have that offering for them.

We're really excited.

We wanted to share with you guys.

We just rolled those out this week.

Thank you, my good in that area.

She's doing a fantastic job.

Why would water spoil about always 27?

I know a lot of things I can go back.

I think it's spring warmer next time.

Throw it out by working on the case.

Well, this we are that's the hardest question.

Yeah.

You've had some hard ones.

That's uh that's the hardest one.

Okay.

Next up is Lucas Stadium here.

Good morning.

So hopefully, some of you have a chance to attend the first um Home Ober Colts game.

And we won.

Um in terms of the business that we do.

I think our team really performed well operationally.

Um we sales on food and beverage were extraordinary.

We made some adjustments to different spaces throughout the building.

Um, grab and goes, we reallocated some spaces, and the results were really extraordinary.

In some cases, um, matching going a full hundred percent higher for a particular stand year over year just by some tweaks and using business intelligence and our partner since I'm trying to help us uh continue to get started.

So had had some really good success there.

In addition to that, we have the recruit military uh job fair.

We had the homeschool football classic.

Um, we had playbook sports in, it's our um common group that we have in that does youth football.

Um we have playbook sports in, it's our um common group that we have in that does youth football Piazza Produce did an expo where they demonstrated all sorts of different uh foods.

Um and Sam's Club did have uh some activity in our building as well.

We had the Colts 5K, uh, which is a popular annual event, and just this week we had uh the gleaners huddle against hunger, which was a um it's the the gala, the primary fundraising activity for gleaners, and that was on the field at Lucaswell Stadium.

In addition to that, we have public and private tours going strong and a few other smaller private events and meetings.

This coming month, we have two Colts games this weekend with Broncos for 4 p.m.

kick, which uh which is has been unusual in the past, but we have a few this year.

Looking forward to that, and then we have the Raiders as well.

We have an interface summit, we have Motorola Solutions in the building, we have uh CDW in the building, we have the Horizon League in the building doing our media days for basketball, and uh we have a Colts Recycling event.

Um there's another kids 5K happening that finishes on the field at Lucas Well Stadium, and um playbook is back.

Circle City Classic will happen before we meet again as well.

And so we'll continue our squeezing in as many public and private tours, which is uh paperhead type of situation.

Um squeeze those in whenever we can, and then uh other private events and meetings that come up.

Really, we're off to a really great start for the year.

The roof's working fine, and uh it was a beautiful day.

We'll see what happens with the weather and how it how it might impact uh the buildability for this Sunday, but we'll keep it an eye on it.

Any questions?

Next item is a report on current construction project.

Um the current construction project we have is the insignia hotel and the expansion of the convention center.

It's going very well.

Um we poured our last floor of concrete this week.

Um so we have the 38th floor.

There's a couple, there's some steel floors, and so the top's not quite topped off yet.

We are going to celebrate um a topping off ceremony though on October 2nd.

So you all get invitations to that.

Um, a very exciting turning point in the project.

Um the skin of the building um continues to follow right behind.

Um, it gets more complicated as you get higher and towards the top, and we have a very complicated route.

Um, and that will delay sort of the quote unquote closing in probably till around the end of the year.

Um, but at that point, knock on wood, weather becomes a non-issue.

Um, we've been very lucky to have um solid or mild weather, um, picked up uh some schedule days just as a result of the weather.

So we're hovering right around 30 additional days that we had planned to allocate to weather delays that if if all goes well this fall and we have a mild sort of fall.

We can um we can put those in our pocket and hopefully again uh aim towards an early opening.

Early opening for us would be in the middle, like middle late October still.

Um I think that's a great time to open.

Um, you're not dealing with the winter, you're not you know um trying to sell your first rooms in January and February.

So pretty excited.

That also means we could have some transient business for um lots of our different shows, FFA, um maybe uh you know, Big Ten Championship and PRI.

So we'll see.

But um uh that's that's the report.

Happy to answer any questions though.

How about Japan building in terms of occupancy and how we're doing with so we are enthusiastic about it?

Uh I think we're about 60% occupied.

Um the IBJ did an article a couple weeks ago about how um downtown office towers are struggling, and they're right, average right around 80%.

I think that's a high number as uh some leases are coming due in those big towers.

Um people are scrambling, and those buildings are in trouble.

Um, I don't think ours is in trouble.

We are continuing to get leads.

I think the proximity to the hotel is important, and just the new development, the mall, the um boxcar development down by Game Bridge.

Um, and most importantly, really is the Georgia Street improvement to to create this sort of um uh park in front of their in front of the building.

Um, so we have some really good leads.

So we've got leads.

I will tell you next month or the month after when we close those leads.

But I feel really strong about how we're positioning that.

And so knock on wood.

We close these deals that are sort of lingering out there.

We have two really important ones.

We are also having uh model rooms for the uh Shinola hotel that will be there.

So that's exciting too.

Do we maintain it like the rest of our portfolio with our folks or is it we maintain it separately?

It's owned by the building facilities clerk.

We maintain it separately.

Um Colliers has a really uh strong hand in what we do and the operations.

They operate the building and sell it and lease it up for us.

So they're managing the contracting.

I mean, we still decide on the stuff, um, but it really has to do with like tenant improvements and and you know those sorts of things which um which the building should finance itself through its leases.

So we're we're trying not to bring our people over there and trying not to use CIB resources over there as much as we can.

I might add um I'm a little more optimistic than Andy is it's kind of an idea.

Um but college is doing an outstanding job as our staff in responding to requests for potential tenants.

Um they have a specialty team in office for office group that is really tremendous.

It's the group that um redeveloped bottle works with Hendrix, and so they really know office very much very well.

Um, like other big brokerage firms, their their group has a group of contractors that work on tenant finishes for offices, and they work with them all the time so they can speak to their accountability and Browning Day has helped us revision the interior.

We're not doing you know top shelf kind of thing, it's a class B office building, so what we're doing is something realistic for that type of building.

I do think that as the signia is finished and convention center expansion is finished, Georgia Street.

I do think there will be a lot of focus on this area of downtown.

I think it's gonna be the place where people want to be because there will be a lot of vitality also when you think about what's going on on north of Georgia Street when the ball redevelopment comes, in whatever form that ultimately results in, that will build well for our our projects over here.

So I I'm just very encouraged by all of it.

Who will operate the ball?

The ballroom, oh the big new insignia of the Hilton Hilton personnel 100% operations by their staff, they were higher staff for that.

Um I'm very much looking forward to the day that we don't keep spending money over there, and that it once it opens, the operations should fund all of all of the everything.

So and one last thing.

I had mentioned to Andy when we were over at the site with a prospective tenant group, thought it'd be a good idea to bring colliers in to kind of report back before the end of the year on just the status of everything so you can see who's doing the work over there.

So and ask them questions as well.

Okay, thank you, Andy.

Thank you, everybody.

I think the only other thing we have to vote on is claims.

Yes, the reason for the meeting, otherwise we wouldn't have had it.

Um the operating uh voucher this month is nine million nine hundred and seventy-five thousand two hundred and forty-two dollars forty cents.

Is that right?

No, there's a type of over there.

There's a type of $9,751,242,000.

Oh, too many nines.

Yep.

All right, and then the um confirming is $3,917,000 780.

Six examples.

Okay.

Any questions, comments?

Chair and entertain a motion to approve both claims.

So move.

Second.

Sorry.

Um, okay, Marcy.

Hi.

David C.

Hi, David R.

Hi.

Jamie.

I'll Maggie.

I Jim.

Hi, Sarah.

I thank you all.

Is there any other business to come before the board?

Any public comment?

Can I just say that I watched with great interest inside India Business where Andy talked about Victory Field and Lucas Royal Stadium's improvements, and I thought he did a great job.

Thank you.

All right, we're adjourned.

Thank you all.