The headlines tell us the Pacers are opening a plush new palace - aided and abetted by St. Vincent Hospital. We aren’t told what the financial connection between the two is.
We are told it is a "keep up with the Smiths" deal which will allow the team to attract more of the better (higher salaried) players. Increasing total costs already being heaped on the taxpayer?
We are told that the team owner is financing the $20 million building which the Pacers will own. They are, however, leasing the land from the city. At the equally exorbitant annual rate of $1 - one dollar. Same thing they’re paying for the fieldhouse.
The city did pay for a tunnel under the street between the fieldhouse and this new structure. Just a few bucks found in the TIF slush fund? Not to worry. We’re not told whether the agreement with the CIB decides who will pay for operation and maintenance for the new digs.
Nor is there any mention of property taxes. If the team owns the building, will they be assessed as any other business? And once again, we have the city providing a land base for a privately owned building. What should the assessment be for this prime piece of downtown real estate? What is the amount of property tax loss in this deal?
And, isn’t it interesting that the poverty stricken owner of the team now finds $20 million for a new mansion when he can’t afford to operate in a situation where he is paid to be?
When will we learn what the taxpayers’ share of this new boondoggle will eventually, really be?