CIB Board Meeting - Sarah Fisher Resolution, Financial Report, and Project Updates - February 13, 2026
CIB Board Meeting - February 13, 2026
The Capital Improvement Board of Managers of Marion County (CIB) held a meeting on February 13, 2026, to honor outgoing board member Sarah Fisher, review year-end financial results, elect officers, and receive updates on venues and construction projects. The board approved several routine items and a contract award.
Resolutions & Recognitions
- Resolution Honoring Sarah Fisher: The board unanimously approved a resolution expressing gratitude for Fisher's two-term service from June 2019 to October 2025. The resolution highlighted her role in securing major events (e.g., College Football Playoffs, Big Ten Championships, U.S. Olympic Swim Trials, NBA Finals), overseeing renovations at Victory Field and Gainbridge Fieldhouse, helping land the 2026 ASAE annual meeting, and supporting the sixth expansion of the Indiana Convention Center including a 50,000 sq ft ballroom and 800-room headquarters hotel. Board members presented parting gifts and praised her contributions.
Consent Calendar
- Approval of January Minutes: The board approved the minutes from the January 2026 meeting. (Motion, second, unanimous voice vote)
Discussion Items
- 2025 Year-End Financial Report: CFO Tim reported December finished with a negative $6.6 million net revenue (unfavorable variance of $22 million, largely due to a $34 million expected miscellaneous income that did not occur). For full year 2025, revenue totaled $164 million (9% over budget), driven by Pacers playoff and Fever ticket sales. Total expenses were 1% under budget. Operating revenue was $67 million (22% under budget) due to the missed $34 million item, but rental income and labor reimbursements were 36% over budget. Capital outlay of $26 million was the lowest in five years. Debt service totaled $36 million. The board discussed the "fiscal cliff" in 2028 when approximately $50 million annual tax revenue will shift to Lucas Oil Stadium debt service, noting that revenue growth has increased the projected shortfall from $30-35 million to $50 million.
- Election of Officers: Member Lewis nominated the following slate: Marcy for President, Corbett for Vice President, Mick for Treasurer, David as Secretary. The motion was seconded and approved unanimously.
- Field House Management Report: Matt Albrecht reported 67 events in the second quarter (budgeted 69). January was impacted by weather, but February was good and March is busy with women's Big Ten and concerts.
- Visit Indy Report: James Wallace reported that downtown hotel room sales set a record in 2025, exceeding 2024, though overall MSA was off slightly. Hotel revenue was down only 3.8% from 2024. December downtown demand was up 12%. Sales team exceeded goal at 108%. January 2026 booked 80,000 room nights. Discussion noted concerns about non-downtown Marion County hotels losing business to increased downtown supply; Visit Indy will present goal setting in March.
- Convention Center Sales Report: January occupancy was 43.9% (up from 38.5% last year). Attendance was lower (82,630 vs. 128,300) due to snowstorm affecting the Central Zone volleyball tournament. Jam Fest Supernationals broke attendance record with 42,455. NFL Combine extended through 2028. Upcoming events include Airport Planning Symposium (new), NTEA Work Truck Show, Nike Minis qualifier (40,000+), and Final Four fan experience.
- Lucas Oil Stadium Report: Monster Jam drew over 80,000 attendees. A fifth 2026 concert night added (Post Malone), joining Morgan Wallen (2 nights), Bruno Mars, and another artist, making 2026 second only to 2024's seven concerts. Final Four planning is underway. Peyton Manning's gala hosted.
- Construction Update: Signia hotel and convention center expansion: permanent power achieved; Georgia Street West Block will pause for Final Four and resume in summer. Soccer stadium development continues with MLS excited, more details to come.
- Contracts: ICC Connector to Signia Hotel – carpet tile flooring for skybridge. Low bidder (Superior Carpet Installers, $28,685) withdrew due to scope error. Contract awarded to second low bidder, Blakely's Corporation, for $63,800.
- Disposal of Obsolete Equipment: Approved.
Key Outcomes
- Resolution for Sarah Fisher: Approved unanimously.
- Minutes of January 2026: Approved.
- Officer Elections: Marcy (President), Corbett (Vice President), Mick (Treasurer), David (Secretary) – all elected.
- Contract Award: Blakely's Corporation awarded $63,800 for ICC Connector carpet installation.
- Disposal of Obsolete Equipment: Approved.
- Claims: Operating voucher of $13,866,900.45 and confirming voucher of $11,957,546 (including annual Colts payments) approved.
- No public comment was offered; meeting adjourned.
Meeting Transcript
And um Andy has a special resolution for this. Thank you. Uh whereas Indiana Code 36109, the CIB Act empowers the Capital Improvement Board of Managers of Marion County too, among other purposes, finance owned lease, construct, equip, operate, maintain capital improvements under the CIB Act, and to do all other acts. CIB considers necessary appropriate and appropriate to promote and publicize those capital improvements, support the sports entertainment, and convention and visitor industry and to serve commercial industrial and cultural interests of the state of Indiana and its citizens to assist cooperate and fund governmental public and private agencies and groups for these purposes. Whereas for the CIB Act, the governor of the state of Indiana shall appoint two members of the board of managers. Whereas Governor Holcomb appointed Sarah Fisher as board members serving two terms commencing on June 7, 2019, and ending in October 2025. Whereas Sarah Fisher has served as an invaluable member of the board, and whereas during Miss Fisher's tenure, the board hosted in this facility numerous trade shows, events, meetings, concerts, including the college football playoffs, the Big Ten football championships, the U.S. Olympic swim trials, Big Ten Division One basketball championships, NCAA Division One Men's Basketball Tournament, the WMBA All-Star Game, and related events, the MBA All-Star Game and Rated Events in the NBA Finals. B started and completed major renovations, Victory Field, from the Indianapolis Indians, including renovation of the ballpark suites, construction of the home plate club, and replacement of the playing field. C started and completed a full-scale renovation of Gainbridge Field House. D went beyond the call of duty to assist in landing the American Society of Association Executives annual meeting in 2026, known as the Super Bowl of Meetings. And E commenced the development and construction of the sixth expansion of the Indiana Convention Center, including a 50,000 square foot ballroom and accompanying 800 room convention center hotel headquarter headquarters hotel. Whereas members of the board desire to express their gratitude to Sarah Fisher for many contributions to the board and the CIB during her two-term tenure. Now, therefore, be it resolved that the board hereby expresses its sincere gratitude to Sarah Fisher for her excellent service as a member of the board. Further resolved that the board wishes Ms. Fisher continued success in all our endeavors and expresses our hope for a continued health happiness and prosperity. And further resolve that a copy of this resolution be presented to Miss Fisher as a token of our respect for her and her service. Motion. So moved. And second. Thank you. All those in favor say aye. Great. Well, I just want to personally thank Sarah for her service and um we got to we got to travel together to pitch ASAE and it's the first time I really got to hang out with her and learn about her family and and all that she's done for the community, continues to do for the community. Even took a uh later, not on that trip, but gotta take take a ride around to the um the go-kart track and and um spend some time and her business is fabulous. Thank you for all you've done and all you continue to do for Indianapolis and Indiana and Motorsports. It's fabulous. So we do have some gifts, some parting gifts. Oh my gosh. So yeah, I hope you brought up shopping cart. Yeah, thank you. Yeah, absolutely. I know this is uh to celebrate our 60th anniversary celebration. Thank you very much. Yeah, yeah, yeah. Let's move my head. Oh, I'm gonna go. Oh, you got a nice backhead. Thank you. Everybody stared in my back of my head. Okay. One, two, three. Thank you. Thank you all. Thank you very much. You're very good. Um it's been an honor. I've had uh, you know, being being in the racing industry, you have to, you know, you're you're oftentimes not allowed to go outside of the box, and this has been such a fun experience to be outside of that box. And I've learned so much, and uh I just enjoyed every meeting and every time I got to new y'all. You're welcome back in the past.
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