Indianapolis Capital Improvement Board Meeting Summary – April 10, 2026

The Capital Improvement Board (CIB) met on April 10, 2026, to receive reports on the Pan Am Tower leasing and improvements, review monthly financial and operational updates from Visit Indy, the Convention Center, and Lucas Oil Stadium, and discuss a proposed $9 million forgivable loan for a new entertainment venue. The meeting opened with commendations for the recent Final Four success and concluded with the unanimous approval of two claims vouchers.

Public Comments & Testimony

• No public comments were made at this meeting.

Discussion Items

• Pan Am Tower Update: Rich Forrest and Matt Langfeld of Colliers International presented a leasing and improvement strategy for the Pan Am Tower. They reported retaining most tenants despite construction disruptions, leasing about 29,000 square feet, and having another 32,000 square feet under negotiation. Current occupancy is roughly 40–50%. The presentation outlined plans to create a private VIP space overlooking Georgia Street, add conference and fitness amenities, improve the lobby, and connect the building to the adjacent hotel and convention center via a tunnel. The asking rent is $24 per square foot, consistent with Class B space in the downtown market. Parking challenges were noted but considered manageable due to walkability and covered connections. The project aims to leverage the building's location near the convention center and sports venues.
• Monthly Financial Report (February 2026): Revenues net of expenses were $4.6 million, $3.4 million above the prior year and $7 million above budget. Tax revenues totaled $11 million, up $1.4 million year-over-year, driven by hotel and admissions taxes. Operating revenue of $4.59 million was down $2 million from February 2025, primarily due to the absence of the Royal Rumble event. Personal services expenses were slightly below prior year; parts and supplies fell 65% due to fewer large hotel purchases. Capital outlay was only $400,000. Year-to-date bottom line is just over $5 million, $3 million ahead of last year and $12 million above budget.
• Visit Indy Report: March occupancy in Marion County rose 5.7% year-over-year, with downtown performance flat to slightly better. The sales team achieved 98% of its first-quarter goal, described as the best first-quarter performance in recent memory. Group business is lighter in the first half of the year but stronger in the second half, with marketing plans for summer being developed.
• Convention Center Report: March occupancy was 54.5%, nearly 5% higher than March 2025. Attendance was 52,057, down from 108,000 the prior year due to Final Four fan fest move-in consuming the last nine days of the month. The fan fest broke the previous attendance record with 86,519 people over four days, a record previously set by Indianapolis in 2015. Upcoming events include Alpha Kappa Alpha sorority, MPAC trade show, FDIC, the 500 Festival Mini Marathon packet pickup, and American Coatings conference.
• Lucas Oil Stadium Report: The stadium hosted the State Robotics Championship and Final Four activities. The Final Four legacy was highlighted, with NCAA executives highly complimentary of the event execution. Upcoming events include FDIC, private events, and two Morgan Wallen concerts.
• Signia Hotel & Georgia Street Update: Candy reported that the first major construction benchmark—delivery of 400 rooms by April 13th—has been met. Approximately 700 tradesmen are on site daily, with a pause during the Final Four. Georgia Street is expected to be fully completed by September 1st, including bollards and pedestrian access.
• Proposed $9 Million Entertainment Venue Loan: Andy introduced a proposed $9 million forgivable construction loan from the CIB to support a new entertainment venue at 231–235 South Meridian. The loan would be drawn in two installments in 2026 and one in early 2027, with a seven-year term. For each year the venue remains open, one-seventh of the loan would be forgiven, ensuring at least seven years of operation. The venue would offer entertainment six nights a week during the initial term, and the loan would be guaranteed. The developer is a Simon family entity, and the operator is a national, well-capitalized firm with experience in major tourism markets. The concept will be announced publicly in coming weeks by the developer and operator. The CIB will be asked to vote by written consent after terms are finalized.

Key Outcomes

• Claims Vouchers Approved Unanimously: Two claims vouchers were approved—an operating voucher for $3,985,802.70 and a confirming voucher for $5,052,123.00. The motion passed with no objections.
• Next Steps: The CIB will consider the $9 million loan for the entertainment venue via written consent after final terms and documentation are prepared. The operator and concept will be announced publicly in the coming weeks.