Capital Improvement Board of Managers Meeting - March 13, 2026
Capital Improvement Board of Managers Meeting - March 13, 2026
The board met to approve minutes, receive financial and operational reports, and vote on three items. Detailed discussions included the monthly financial report for January 2026, a comprehensive presentation from Visit Indy on hotel performance and goal-setting methodology, updates from the convention center and Lucas Oil Stadium, and a construction update on the Signia hotel. The board approved a bad debt write-off, disposal of obsolete equipment, and two voucher payments.
Discussion Items
Financial Report (January 2026): The board reviewed the operating revenue and expenses of $12 million, nearly identical to January 2025. Notable variances: emissions tax revenue was down; supplies were up $98,000 due to purchases of an $862,000 hotel emergency radio system and a $311,000 open gate system for Lucas Oil Stadium. Personal services were under prior year by $135,000 due to lower part-time labor. Capital outlays totaled $1.3 million. Debt service was $1.2 million.
Visit Indy Report & Goal Setting Presentation: Leonard provided a detailed overview of hotel performance. January downtown occupancy was down 2.9% due to Snowmageddon, but the city managed to host about one-third of a volleyball tournament that was affected. Year-to-date leads and bookings are behind pace but expected to improve. The board reviewed the methodology for setting the 2026 goal of 873,600 contracted room nights, based on a new consumption benchmark of 840,000 rooms plus a 4% stretch. The presentation covered the five key KPIs, how contracted room nights are measured, the impact of compression on surrounding hotels, and the leisure Friday-Saturday marketing campaign. Discussion included the challenges of 2026 due to international travel downturns and the opening of the Signia hotel (expected December 2026).
Convention Center Report: February occupancy was 60.1% (up from 59.4% in 2025), attendance 37,724 (up from 34,500). Highlights included the annual WET show, NFL Combine ancillary events, and new meetings. March starts with NTEA Work Truck Show, followed by volleyball tournament and Final Four events.
Lucas Oil Stadium Report: Recent events: WET show, NFL Combine, Supercross (near-record attendance), Indiana State Robotics Championship. Preparation for the NCAA Final Four (Division I, II, III) is underway, with events at Gainbridge Fieldhouse and Hinkle Fieldhouse. The city will host the first full Final Four since 2015.
Construction Update: The Signia hotel opening date has moved from November 11 to December 2, with furniture move-in beginning in one month. A broken pipe flooded an elevator shaft, causing a delay but covered by insurance. A future report on the Pan Am Tower will be given.
Key Outcomes
- Approval of Minutes: Minutes from February 15, 2026 were approved (unanimous voice vote with roll call). One member (Bruce) noted he had not been at the previous meeting and did not vote, so that was recorded as an abstention.
- Bad Debt Write-Off: Approved write-off of $56,311.50 in delinquent accounts (0.13% of rent and labor income). Motion carried with roll call (all ayes).
- Disposal of Obsolete Equipment: Approved (roll call, all ayes).
- Voucher Approvals: Operating expense voucher of $6,442,273.36 and confirming voucher of $6,275,477.42 were approved (roll call, all ayes).
Meeting Transcript
Good morning everyone. I'd like to call the meeting of the capital movement for the parent board of managers at Mary County at order. Welcome everybody. Approval of the minutes from February 15th member. Chairman of K notion? Any more questions or discussion? Any abstentions? Well, all those in favor say aye. Well, I got reasonable. Roll call. Marcy. Yes. David C. Yes. Nick. Hi. R. Hi. Bob. Jamie. Maggie. Aye. Jim. I. Thank you. Excellent. I stumbled a minute because I wanted to mention we had sort of a comment from Bruce last month or Bob last month. He had not been at the previous meeting, didn't vote. We weren't able to capture that. So if you aren't going to vote on the minutes because you missed the previous minute and can't verify that it they're accurate, then just tell me your extent so we can have it reflected accurately in the record. So thank you. Okay, the next item on the agenda is for voice and the CIV financial report. Good morning, everyone. Thank you. So I may jump back and forth between the two, whichever one is more relevant to compare to. So comparing January 26 to January 25, there were two small groups that we had in January 25 that we did not have in 26. The rest of the groups were pretty similar. So that can that is relevant or when you compare the two, you can see that in operating revenue and expenses. Total 12 million dollars. It was only 12,000 less than 2025. So it's right in line with it. Largest unfavorable variance there was an emissions tax line. They're down this year versus 25. So I think that's the reason. Both the balance is down about 59 million dollars from 25. That is mainly due to that 70 million dollars that we paid for hotel. And then also the interest rate is down in 2025 in January. We were at about 4.4% interest rate. So the combination of those two cause that interest rate or the investment income to be down. And that is due to in 2025 Monster Jam hit in January, but it hits in February in 2026.
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