Thanks to the CIB-Colts Contract, we taxpayers are on the hook for $5.5 million dollars whenever the Colts want to make repairs or improvements to their taining facility on 56th Street.
SECTION 8.24. Training Facility Maintenance Obligations. CIB shall reimburse Club up to a maximum aggregate amount of Five Million Five Hundred Thousand Dollars ($5,500,000) for any and all costs and expenses incurred by Club after the date of this Agreement and prior to the expiration of the Term or the termination of this Agreement in connection with the maintenance of, or improvements to, the Training Facility that Club performs or causes to be performed, in Club’s sole discretion. CIB shall reimburse Club for such costs and expenses incurred by Club, which reimbursement shall be made by CIB to Club no later than the 15th of the month following the month in which CIB is in receipt of an invoice therefor from Club, along with invoices or other reasonable supporting documentation of such expenses, assuming that CIB receives such invoice on or prior to the 25th of such month (or if CIB receives such invoice after the 25th of the month, CIB shall pay such amount to Club no later than the 15th of the second following month). So long as the Training Facility has not become reasonably unusable as a training facility for a professional football team as a result of Eminent Domain or other change in Law, Club shall maintain the location of the Training Facility at the current location during the Term. At Club’s sole discretion and option, and as permitted by Law, Club may require that any such improvements and/or maintenance be performed or procured directly by CIB.
So I take it this is another $5.5M above and beyond the 40-something Mil deficit they currently have? Your's is the first mention I've see about this so I'm basically in the dark on it.
Yes...thought not $5.5 million a year...but rather total. It looks like to me they can ask for the money whenever they want to fix up the practice facility during the term of the lease. Who knows when that will be.
I am not the brightest light bulb but looking at the 2009 budget over $10,000,000.00 can be cut from the budget and money made.
The CCC does not have approval over the Capital Expenditures by the CIB that in the budget total $6,431,500.00 for furniture/equipment and land purchase. FOR GOD'S SAKES EVERYTHING IS NEW SO PUT THE MONEY BACK INTO THE SENIOR NOTES, JR. NOTES AND THE CURRENT DEBT SERVICE THAT IS JUST OVER $4,000,000.00. Somebody needs to use their head and quit buying solid oak furniture and toys during a budgetary shortfall.
The budget calls for $3,500,000.00 to the Colts for their share of other event revenue. If the Colts do not want to participate in the $5,000,000.00 contribution then the CIB needs to keep the $3,500,000.00 to the Colts. At least it is something.
The budget has $883,500.00 for parking expenses. I have never heard of a Improvement Board not making money or at least breaking even on parking especially when the parking tax and event day admission keeps going up. If nothing else make the parking break even and reduce another $883, 500.00.
Add up all the toys, furniture, parking costs and additional pay to the Colts for doing nothing and it is $10,788,000.00. Apparently saving and using commonsense of over $10,788,000.00 is not part of being a sound fiscal group.
Even if you pay the current debt,the Jr. and Sr. notes there is still over $6,000,000.00 available from cuts or stays on spending.
CIB Quit paying the Colts for nothing, get the Parking Event money on the plus side and quit buying toys and furniture. People who are unemployed and pay taxes are not buying new furniture, new equipment or giving money away.
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