The Indianapolis Capital Improvement Board approved its $121.4 million budget for 2012. About $8 million of that will go toward Super Bowl expenses.
CIB President Ann Lathrop says the CIB is not really expecting to make money from the Super Bowl. She said the $8 million, much of which will be reimbursed through taxes and the NFL, is about long term economic impact.
“Reimbursements right now that we’re anticipating is maybe around $7.2 million,” said Lathrop. “Those could trend a little bit higher or a little bit lower.”
Meantime, Super Bowl 2012 Host Committee CEO Mark Miles said his group has raised about $1 million more than its $25 million fundraising goal, which has come primarily from businesses that promised to donate a large sum of money in smaller payments over time.
“Everybody has made all of their payments,” Miles said. “Everything is exactly as planned. We have no reason to believe that they won’t come all in on these last payments this year.”
The CIB also approved $9 million in 2012 funding for the Indianapolis Convention & Visitors Association. ICVA Spokesman Chris Gahl said that funding represents a big chunk of ICVA’s $14 million annual budget. Gahl said ICVA is relieved that funding has not been cut because the organization needs the money to market the city for the Super Bowl and beyond.
The Indiana Convention Center expansion has allowed the ICVA to secure 69 events that will translate into $1.3 billion in economic impact for the city in the future, the CEO said.