Good morning.

We're still waiting for Dave Rimkorf, but traffic is pretty crazy today.

So hopefully you'll be joining us soon.

But I'd like to call the meeting of the Capital Improvements Board of Marion County, Board of Managers of Marion County to order.

Welcome everyone.

First item on the agenda is approval of the minutes from our May 8th meeting.

So we'll move.

Is there a second?

Second.

Marcy.

Yes.

David C.

Mick.

Jamie.

Jim.

Aye.

Maggie.

Next we'll go to reports.

First is the CIB monthly financial report.

Thank you.

April 2026.

It was the month for the final four.

You'll see it.

It's kind of a common theme through the whole report.

Finished revenues net of expenses of a little over $6 million, which is $3 million less than prior year and $6 million more than budget.

The negative variance from prior year is mainly due to labor expenses related to the final four.

The favorable variance from the budget is due to the food service concessions revenue.

Half of that was from the final four, and the other half is underspend in the capital outlays.

Dig into this the details of it.

Tax revenues totaled $15 million.

That's about a half a million dollars less than last year, right in line with the budget.

Unfavorable variance there, is it the PSDA line and the hotel line, tax line?

There, both very small variances.

Operating revenue was about eight million dollars, and that is more than the prior year by about two million dollars and about three million dollars in the budget.

Largest favorable variance there is in the food service and concession line.

So it caused it to be significantly lower than the prior year.

There we had about $2 million in sound and light labor reimbursement, about $400,000 in electrical labor, a million dollars in security labor reimbursements, all those combined to cause that line to be up over prior year.

Personal services, it's over prior year about $800,000 or about 40%.

Largest variance there is in the part-time temporary labor, also in the IATSI health, wellness and pension line.

Uh group.

State chance.

I'm sorry, I think sounding lightning.

Um both of those are uh directly due to the final four as well.

Um supplies um line is under prior year by about $160,000, and that's just the underspend versus what our expectation was there.

Other services is about 12 million dollars spent there, uh which is about $4 million or 57% more than prior year.

Um unfavorable variance is there were in security, contract labor, miscellaneous expenses, repairs agreements, and the cultural development grants.

Um, the security and contract labor are both due due to final four specifically.

Um miscellaneous expense has a variance because we received a reimbursement last year that we didn't um get it was a $665,000 for the child water line from the VFC Repairs and Maintenance line is up due to a number of smaller repairs.

Um of them were like uh stadium, some seating that were uh were replaced.

Uh stadium painting for $26,000.

There's uh standby service for the final four for elevators.

Um the cultural development grant line is up due to a $750,000 grant that we made to Downtown Indy Alliance for the Economic Enhancement District.

Um moving to the Capital Alley line, it's a little only two hundred and seventy-three thousand dollars.

Uh that's um extremely low for a month for us.

Um largest spend that we have there in April is $117,000 on the road for venture center repairs.

That services a normal month for us, it totaled up $1.2 million dollars, and that's in line with the budget and also the lease payment schedules.

So from a bottom line perspective, April is a very good month.

The bottom line is $6.4 million for the year.

We have just over $14 million bottom line, which is $6 million less than prior year, and eight eighteen million dollars more than budget.

I'm forecasting that most of that we will use up by the end of the year.

Maybe probably about $13 million of that should I expect to be temporary.

So open any questions, I just had one question.

You identified the cultural development grants to develop in the is that our what I've called in the past our payment and move of taxes to support the candy's notty.

So that's what we're paying because we are we don't pay for the services that we are getting otherwise unless we do that type of contribution.

Exactly.

And that is one of three pages over the year that we contracted to do a total of 1.1 million.

Okay, and we've talked about them before how they're often used in local governments to pay for services that aren't directly billed to the end using group, which is us on that.

Okay, any questions?

Okay, thank you very much.

The next report is the visit Indy report.

To continue to talk a little bit about April, we have the uh report uh from Smith Tribal Research, and I'm happy to report that the final four also impacted greatly how well the hotels performed in April along with FPIC, which was very, very strong this year.

But um through the for the month of April, uh RevFAR was up 32.4 percent, and just straight revenue for the month was up 30.9% both uh new records.

That's brought our year to date total up to uh red far increasing six percent and revenue 5.5 percent.

So you'll probably begin to see that in the tax collections.

I would expect in May.

So uh really good.

We outpaced uh we're ahead of the nation uh in terms of our year to date progress, and so uh we're happy to see that the rest of the year is really strong too in terms of group business.

So uh we hope to hold on to those gains and see them continue.

Uh, the convention sales teams had a had a great spring.

Um we uh we hosted the Indy 500 as we always do.

We have had uh nearly 20 customers in with their guests.

We also have a lot of media in.

It's always a great bucket list item when we get good customers in.

We did uh do that this year, so it's always good.

We also just helped to host the Marriott Exchange, which is where Marriott brings in their annual best customers and their national sales teams.

They brought them all here to Indy, so all those customers got to see our great city.

We got a we got several RFPs in person day up when they first came to this city to see it.

So we're excited to see how that is going to turn out.

We sort of saw that as a as a precursor to our ASAD convention, which is coming up in August, and so it was kind of a dry run for that, and uh we're really excited about about what's coming on.

So uh leisure we saw Maine rebound a bit on our Friday and Saturday next days, and we hope to see that continue as well.

Um happy to answer any questions if you have any.

Any questions?

Okay, thanks, James.

Thank you.

Okay, next report is the Indiana Convention Center report.

All right, our main convention center occupancy is 50.6 percent.

Um, second in 2020, which was COVID, um, our May occupancy is always historically in high 40, 450, so we're right on track with that.

Our May attendance is 88,040, so on record, we didn't set that back in 2023 when it's a three-year high for us.

So we're excited to see that number trending upward a little bit.

So overall, pretty typical May for us, uh, really busy month.

We also have a commencement ceremonies.

I won't list all those again.

I also mentioned last month that we were gonna host the IMS victory celebration.

That went very, very well.

The client was really pleased.

Our staff did an extraordinary job, and we're all really proud to host that again after uh after a long time.

After that, we had Indiana Bankers, and then we ended the month with my regionals, which we've had many times before.

They were in the South Campus and then the North Campus, we hosted a brand new meeting.

Uh the wounded Austin and Continence Nurses Association.

They had their national convention with us for the first time.

So we've got 1500.

Very, very specialized nurses with us here at the center for the first time.

We kicked off June with Indian Company.

They've been with us just a little over a decade.

They've been on a straight trajectory each year growing.

They set a record back in 24, with 31,000.

They did it again last year with 34,000.

We don't have the numbers yet this year, but we're hoping that they continue to grow and be successful.

Right now with us, we have in the North Campus, the Gospel Coalition.

We're celebrating this year, 10 years that they've been annual with us, so it's a special year.

We will either host their April National Convention or we'll host their June women's conference.

It goes back and forth.

So this year it's the June women's conference.

And again, they're in the North Campus.

We'll uh execute a couple really small meetings after that, and then it's all USA volleyball.

I mentioned that last month.

We're hosting the girls during the national championships, using all of our private halls, expecting 45 to 50,000 athletes and spectators over the course of their time here, which is a lengthy uh window that you're about 14 days from start to finish, uh from move in and move out.

We'll get them moved out the first, the last day after the day after the 4th of July, and then uh we'll all come together the week after that.

The building will be full again from top to bottom.

We'll have in the North Campus, um, the National Youth Activities Association, and then using every inch of the South Campus, we will have Herbal Life, their nutrition extravaganza, building a really, really lively we meeting them.

So we are wrapping up the second quarter right now.

It's been a really good quarter.

The first quarter was very good as well.

Uh so 2026 was really busy and exciting.

You've had a good year so far.

Okay, good report, thank you.

Any questions from Monique?

Okay.

Thank you.

Good morning.

Uh when we last met, it was show day for night one of Morgan Wallin.

Uh I can report the two nights of Morgan Wallin uh sold out shows.

Uh, we're very successful for both the city and for the venue.

Um we set records and all the things that we like to measure, and we were um very excited about uh working with AEG, which is a different promoter than the last time we won't say, so it's another opportunity to uh establish our relationship with that important promoter.

Um we also had a couple cult events in May, including RB show in uh the South Lob.

Uh, and the recycling day where you bring all sorts of uh things that you cannot normally recycle which are home to Lucaswell Stadium and recycled.

We have a couple corporate events related to the month of May in Indy from Pirestone.

Um, and then we also had the Marriott Exchange Group was in, was in Lucasota Stadium for one of their events, so we were happy to show off that building as part of what Ms.

Indi was working on throughout the city.

And we also had the launch of the Indiana University Never Daunted campaign.

Uh that's the IE Foundation event.

We uh recreated the field from the big time of interviewing so we had I mean it went to a lot of um effort to in our end zone and make it make it look pretty cool.

So you probably saw some pictures that came from that, but we're really excited to have them there.

As you might recall, we are hosting IU versus Kentucky basketball in the fall at Windows Wester, so it's good to get some of those folks in.

Today is show day for post Malone and Joey Roll.

Um so we are um thrilled about that.

This is a live nation show uh in the venue.

We um ticket sales are very pleased with we are leading the tour uh in terms of ticket sales, so that's very good.

And everybody is calm and happy this morning when I walked in, so that's good.

Um, we also have uh before we meet again, HOSO, which is the future health professionals group, uh very big level of production.

Think a little bit FFA, it's young people, and it's um it's coming soon.

And then we are lucky enough to have 20 volleyball courts in Lucasota Stadium for the USA volleyball event that is coming, uh, and then herbal life is also a Lucas Wells Stadium.

So these are big things that we're all working on and are excited to have.

And then the rest of our time is being spent preparing for cold season.

There's a lot of planning that goes into trying to raise the bar for the next season, and that sets the tone for how we do everything else uh throughout the year at Lucas Stadium, and we're just working on preparing for that and developing staff and keeping everybody uh getting them as much rest as possible, which is not easy, and getting people ready for another great year this month.

Great, thank you.

Any questions for Eric?

Okay, so I'm always interested to have the convention's dinner of Lucas Stadium, share events and work together, and it's just wonderful.

So, thank you.

Thank you very much.

Um, our last report, or well, we've got two more reports actually, um, a review to review and accept.

It's not a vote, we accept the annual comprehensive financial report.

So, Tim, do you want to introduce our auditors or how do you want to proceed?

Sure.

Um so we went over uh we had in our audit uh KSM, Cat Zapper Miller, uh this Indiana's uh state board of accounts uh contracts with KSM to come in through the financial audit.

Um I believe we will have them in next year, hopefully more years than that.

Um with us is Justin Hayes and Frederick Richards back there too.

Um so I'll let I will still disputter and I'll let them present.

Thank you, Tim.

Well good morning, everyone.

Uh my name is Justin Hayes, and I served as the audit partner for the CIV's financial statement audit for 2025, so I was the signing partner on the engagement.

Uh we did conduct our audit in accordance with generally accepted government auditing standards, and I'm happy to say that we are issuing what we call an unmodified opinion on those financial statements.

That's also a lot of times referred to as a clean opinion on financial statements.

So it is the highest level of assurance that we can provide on your financial statements.

As we go through the audit, we do take a look at your internal controls, your policies and procedures.

I'm happy to say there's nothing that we identified that would be a weakness in their controls.

There's nothing we identified that would be a deficiency in those controls.

So as we took a look at your policy, your procedures, we do feel like they're in line with best practices.

You can create a good segregation of duties and checks and balances throughout the process.

Um overall, we felt like the audit process went really smooth.

Um, kind of a little skeptic with Art retiring and having worked with him for a number of years.

Um, but a big thank you to Tim and Caroline for all of their help in making that audit process nice and smooth.

Um, given the fact that it was a nice smooth process, that is really everything that I had to report to the board, but I am happy to take any questions at all over the audit or the penny to stay.

Is there any questions from members of the board?

Okay, well, once again, thank you.

It's my fourth audit since I've been on the board, and it's great to have another clean audit as they say, and big thanks to Tim and Caroline for just communicating well with the auditors.

They mentioned that to Andy and I yesterday on our audit call, and just thank you because I know it's a lot of hard, hard work, and you guys all make it look easy at KSM and here at the CIB.

So thank you all.

Yeah, David.

But a comment, not a question, but I've been on the board 10 11 years now, and I'm ashamed to say this is really the first year I really dove into this thing and then looked at it.

My hat's just off to whoever keeps track of all these different agreements and the money going back and forth.

We sit here and sign off on some of these agreements with the Pacers, the Colts and different organizations and what we do, but the money going back and forth is just amazing uh in here and keep it all straight and get a clean audit, just hats off to Tim and our everybody, Andy, uh, for what you're doing there, keeping us afloat, and thank you to Cat Sapper.

So is Tim Allbeck still there?

Uh Tim actually passed away.

Oh, no kidding.

When?

Yeah.

Uh about a year ago.

Wow.

Known him for 34 years.

Sorry to hear that.

Okay.

Well, thank you, David.

Appreciate it.

So thank you all.

Thank you.

Thanks meeting.

Okay.

Next report is from Andy.

More good news on Oh, yeah.

Uh, yeah.

Um, so the construction.

We need to vote to accept.

We do need to vote, vote to accept, not to approve.

Correct.

Shared entertainment motion to accept the financial um audit reports.

Marcy.

Aye.

Dave.

Aye.

Uh Mick.

David.

Aye.

Jamie.

I.

Jim.

I.

Maggie.

Aye.

Thanks.

Sorry.

Thank you.

Yeah.

Okay.

Back to you, Andy.

Back to the construction projects going great.

You may have all seen in your emails this week.

Uh a couple emails uh trying to solidify um a ribbon cutting for the hotel in December.

And so we're moving forward with that.

We'll um have uh the President of the Americas for Hilton um come and help cut the ribbon for us um here in uh in December.

Um we're also working on um a ribbon cutting for Georgia Street, which will be earlier.

Um the uh with all the confluence of projects that are out there.

Um we have uh the Union Station project that's happening with uh you know the underpass under the railroad tracks and then we have um improvements to pan and tower that are happening as well.

We're um uh redoing the concrete around um the exterior of Pan Am Tower.

It's it's falling apart, but it also just needs to be pro improved and and sort of punched up in order to um not match, but at least not look terrible next to what uh the incredible things that we're doing on Georgia Street.

Um and we're uh work so we're working through this this confluence of projects.

Um and that's that's kind of everybody keeps borrowing space from each of the other projects.

Um and so they're all gonna be done right around the same time and probably um end of August, beginning of September, but we don't wanna you know schedule a ribbon cutting for September 1st and all the and everything's still busted up on one of the three projects.

So um so stay tuned for that.

Um things are very going incredibly well.

We have we have um air conditioning going in the building, we have all the um woodwork or the uh mill work going up with walls in the junior ballroom.

It's an amazing ballroom, the the lower uh sort of mid-sized ballroom.

Um and uh it's got it's going incredibly well.

Um we're finally closed in all the way.

Um there are a couple um, you know, we got we took down the uh the buck hoist and then had to fill in all the glass going back up where the buckhoist uh the exterior elevator was um penetrating in.

So that's all done.

We're totally enclosed and um we've we've begun again, like I said, we've we've gotten a lot of furniture in.

Um we will be done with uh about half the rooms and furniture in July.

So we'll have about 400 rooms completely furnished and and quote unquote sold.

Um and uh we'll be done with that, and then we'll just finish it out the rest of the way through and starting to tick off some um and closing out some of the public spaces as well.

Um so uh all going all going according to plan and um you know we're just I'm anxious, I'm anxious to get it open, so yeah, that's what we're working on.

Well thank you, and thank you so much, Andy, for your continued work on this.

It's uh an enormous project, and the board really appreciates your leadership over these last years, getting this across the finish line.

Any questions for Andy?

Okay, thank you.

Next item on the agenda are contracts and rejection of bids for Virginia Virginia Avenue's getting garage.

Yeah, the um so um as a facility design progressed on the uh fever practice facility.

Um the interior uh plans were refined and they ultimately decided they didn't want the penetration or uh the sky bridge attached from um from the Virginia Avenue Garage.

So we are we had already bid it out and we were had received bids, um, but we put a pause on it for a minute just to make make sure they knew and had accepted what they you know were final they were sure that they didn't want to have the sky bridge so um we are eliminating the sky bridge from that project um as no longer necessary to meet uh the needs of the of the practice facility so um since we did publish bids um and we receive bids back when if we're not going to move forward with the project or for whatever reason if we weren't gonna move forward with a bids the board has to vote to reject all bids so that's why that's why it's on here so we need to uh I need a motion to reject all votes.

I don't care any questions or discussion roll call?

Uh Marcy, yes David C.

Mick, David, Jamie, Jim, Maggie.

Thank you.

Thank you.

And then disposal of obsolete equipment.

Questions or discussion?

Calling role.

You don't want a old video, you don't want to talk about the old video rule?

It's obsolete.

It's obsolete.

Yeah, we don't want to talk about it.

All right, okay.

Uh Marcy.

Yes, Dave.

I Mick.

David, aye, Jamie, Jim, I, Maggie.

Aye.

Okay.

Next item on the agenda is approval of the claim or the expense vouchers.

We have two.

I'd like to take them together unless anybody objects.

Nope.

Okay.

I don't hear any objections.

Um, so the first voucher is $2,957,837.90.

Um, basically a normal uh operating voucher.

Confirming voucher has some final four uh costs um and otherwise pretty normal.

Um utilities were higher this month because of or in April because of the final four.

Um, and that conferring voucher six million four hundred and sixty-six thousand one hundred seventeen dollars fifty-five cents.

So, is there a second?

Second.

Any questions or discussion?

Okay, please call the role.

Marcy.

Yes, Mick, David, uh, Jamie, Jim, hi, Maggie.

Hi.

Okay.

That's my favorite part of the meeting, by the way.

Reading those numbers.

You do it really very well, I guess.

Um, okay, so is there any other business to come before the board?

Any public comments?

All right, thank you.

We're adjourned.

Thank you.