City of Terre Haute Running Big Deficits


Back in May I posted about the City of Terre Haute being broke. It was more of a question due to the city having some troubles paying bills.
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Indiana Pacers Worth Hundreds of Millions

Forbes magazine is stating that the Indiana Pacers has spiked in value over the last year and is now edging up to the “Billion Dollar” mark. Here is more in their report:

The value of the Indiana Pacers franchise skyrocketed by $355 million just since last year to $830 million, according to Forbes magazine. The Pacers rank 21st among the NBA’s 30 teams. The Los Angeles Lakers were first at $2.6 billion. In the magazine’s annual report on franchise values, posted Wednesday, reporter Kurt Badenhausen attributed the huge growth of the NBA to “a massive new $24 billion television contract, a nearly six-year bull market in equities creating tremendous wealth, and cheap credit.”

The Pacers new financial numbers are perplexing considering the deal they struck last year with the city of Indianapolis using taxpayer money to subsidize their operations.

The Pacers’ value also increased 74 percent and could renew questions about the Capital Improvement Board’s decision, less than a year ago, to use $160 million in tax money to cover operating costs and upgrades at Bankers Life Fieldhouse. The Pacers keep revenue from all fieldhouse events — basketball and non-basketball alike.

The CIB who negogiated the deal gets money from taxpayers:

The CIB gets its revenue primarily from hotel, food and beverage, and admissions taxes. The agency also collects money from rental fees, parking garage income, car rental taxes, cigarette taxes and Downtown income and sales taxes.

While most of the CIB’s revenue comes from Marion County, six neighboring counties — Boone, Hamilton, Hancock, Hendricks, Johnson and Shelby — also pitch in through a 1 percent food and beverage tax.

H/T Indianapolis Star