Funding Strategies and Economic Implications
Proposed Funding Sources
- Mayor Bart Peterson’s Plan:
- Increase in car rental, innkeeper, and admissions taxes in er https://i9bet.trading/Marion County.
- Annual gambling profits estimated at $46 million from 2,500 pull-tab gambling machines in downtown Indianapolis.
- Regional Republican Proposals:
- Rep. Luke Messer suggests diverting $30 million annually from 2,500 slot machines at local horse tracks.
- State Rep. Michael Murphy’s plan would allocate $48 million annually to Indianapolis from slot machine profits, with a different profit-sharing structure.
Critical Issues with Current Proposals
- Stadium Obsolescence:
- The risk of constructing a stadium that may not meet future NFL requirements, potentially rendering it obsolete.
- The need for a guarantee that the stadium will remain valuable for at least 50 years to justify the investment.
- Unequal Treatment of Businesses:
- Subsidization of wealthy team owners at the expense of smaller or more deserving local businesses.
- Unfair competitive advantage given to the Colts by taxing other entities like the Indianapolis Motor Speedway, which is self-funded.
- Financial Burden on Residents:
- Each citizen potentially accruing over $1,000 in debt for a facility used predominantly for eight regular-season games annually.
- The risk of residents covering any shortfalls if gambling revenue projections are not met.
The RCA Dome: Is a New Stadium Necessary?
The RCA Dome, despite being the smallest in the league with a seating capacity of 57,900, has served its purpose adequately. The main issue lies not in its size but in the revenue-sharing model of the NFL, where owners retain earnings from private luxury suites. Colts owner Jim Irsay, with 104 suites a