Capital Improvement Board Meeting Summary - July 10, 2026
Capital Improvement Board Meeting - July 10, 2026
The Capital Improvement Board (CIB) met on July 10, 2026, to review financial reports, venue operations, construction updates, and approve several contracts and vouchers. The meeting began with approval of minutes from the June 12 meeting by roll call vote.
Discussion Items
-
Financial Report (Tim): For May 2026, revenues net of expenses were $12.3 million, which is about $90 million more than prior year and budget, though $7 million of this was a timing difference due to a Sunday payment. The remaining $5 million was attributed to taxes from the Final Four and operating income from the Morgan Wallen concert. Tax revenues totaled $16 million, higher than average due to Final Four taxes. Operating revenue was $9 million, with favorable variances in food service concessions and ticket office income from the Morgan Wallen concert.
-
Visit Indy Report (Chris Paul): Since the last meeting, two staff promotions were made. Ten prospective conventions were hosted, and 25 were visited in Chicago and D.C. Mid-year goals: convention booked room nights at 95% of goal, tentative room nights at 127%, Friday-Saturday leisure room nights at 98%, visitindie.com web users at 108%, and non-CIB private revenue at 104%. Upcoming: American Society of Association Executives (ASAE) meeting August 15-18, expected to generate $800 million in future convention business over 10 years.
-
Convention Center Operations (Monique): Since last meeting, only three events held, unusually low due to USA Volleyball's 14-day stay. Actual attendance for USA Volleyball was 59,417 (expected 45-50,000). June occupancy 57.6%, attendance 56,317. Current events: National Youth Activities Association, IBE Summer Celebration, Pentecostal Assemblies of the World, and Gen Convention later in July. Also hosting IAVM (venue managers) industry convention.
-
Lucas Oil Stadium Update (Eric): Post-Millen and Jelly Roll concert was successful. Hosted 22 courts for USA Volleyball. Herbal Life event underway. Preparing for NFL season with technology calibration, safety improvements, and signage repairs. Gen Con continues to grow. Participating in ASAE.
-
Construction Projects Update (Andy): Signia Hotel and Georgia Street construction is nearing completion. Focus on finishing rooms, public spaces, and logistics of loading furniture into lower floors. Georgia Street expected to be complete by early September.
-
Contracts: Two contracts related to Victory Field's 30th anniversary: (1) Concrete repairs – awarded to Bully Interest as the only responsive bidder. (2) Seating replacement – awarded to Irwin Seating Inc. for $2,333,525.26, replacing original 30-year-old seats. Both contracts were approved unanimously.
-
Disposal of Obsolete Equipment: Approved unanimously.
-
Operating Vouchers: The monthly operating voucher was $7,797,328.44, high due to the final payment of an ASAE grant and admissions tax of $3 million for the Morgan Wallen concert (to be refunded 90% the next month). The confirming voucher was $6,222,834.99, including Final Four costs, furniture storage, bridge project payments, and utilities. Both approved unanimously.
Key Outcomes
- Approved minutes of June 12 meeting (unanimous).
- Approved Victory Field concrete repair contract to Bully Interest (unanimous).
- Approved Victory Field seating replacement contract to Irwin Seating Inc. for $2,333,525.26 (unanimous).
- Approved disposal of obsolete equipment (unanimous).
- Approved operating vouchers (unanimous).
- Upcoming: August meeting to present and vote on the 2027 budget.
No public comments were made.
Meeting Transcript
I'd like to call the meeting of the capital improvement for any order. I see everybody. Thank you for coming in. First item on the agenda will be approval of our minutes from the June 12th meeting. We'll be doing a roll call. Thank you, Maggie, for joining. There we go. Any motion and second. Second. Okay. RC. Aye. David. See? Nick? Hi. Bob? Jamie? Aye. Bruce? Jim. Aye. Maggie. Thank you. And just a point of clarification for people when members aren't in attendance at the meeting for which we're voting on minutes, they're abstaining from voting. So this is appropriate. Thank you. Okay, the next item on the agenda are we forwards. We leave with the CIB financer. Thank you. Good morning, everyone. May 2026. Finish with revenues net of expenses of 12.3 million dollars, which is about $90 million more than prior year and budget. Two main reasons for this large variance. I'll go into more details there. But we budgeted in May, it normally is made in May at the end of May. So there's a timing difference between May and June there. It's about $7 million. And then also due to Morgan Wall and concert, which was in May, so that kind of made up the budget variance there. We'll go into more detail about later. So getting into the details, tax revenue totaled $16 million, which is about $2 million more than average and more than last year. And final four was in April, so we're getting the taxes for the final four. So you can see as you look at it, the hotel motel, food beverage, the auto rental, and the PSDA, you'll see those are all a little higher than the prior year. So it all kind of works right with the final four tax would be the taxes are in there. Operating revenue was total to $9 million, which is more than prior year, and budget by about $4 million. Largest favorable variants there, food service concessions, and also ticket office income lines. Both those are directly related to the Morgan Walling concert. So we looked at that concessions. And so far in 2026. We spend $136,000 there.
openpublica.com