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Indianapolis Star
a day ago
- Business
- Indianapolis Star
Pacers G-League arena won't break even some years. Why Noblesville leaders aren't concerned
Noblesville officials are counting on their new sports arena, which will open within weeks, to be more than just a pretty space. A new economic analysis determined that the Arena at Innovation Mile is expected to help generate more than $2 billion in new spending, 540 jobs, and $26.2 million in local tax revenue over a 30-year period for the planned high-tech business, commercial and residential district. The 199-page Market and Financial Feasibility Study by Hunden Partners, of Chicago, found that the 3,400-seat arena itself would operate at a deficit after four years of profit, largely because of reduced rent payments by its main tenant, the Noblesville Boom, the Indiana Pacers G-League Basketball Team. That's in addition to the payments the city still has to make to pay off debt associated with the arena. But, according to Hunden, that's nothing to worry about in the big picture. 'It is not uncommon for arenas to operate at a deficit, as they commonly act as the central demand drivers to a city or mixed-use district, which spurs economic impact from spending, income and property tax within the facility as well as the surrounding, restaurants, retail, hotels, new office development and multifamily developments,' the report found. The $79 million arena will be the entertainment linchpin in the Innovation Mile, a 600-acre district of medical science and advanced manufacturing office buildings in a modern campus setting planned at Interstate 69 and 141th Street, east of Olio Road. The first phase includes the arena, a 225-room hotel, an apartment building with 250 units and 20,000 square feet in retail spaces. The entire district, near Ruoff Music Center, will have through streets, sidewalks, open space and sections for community gatherings, such as a nature center, arboretum, community center, outdoor theater and library. The city owns the arena, and Indiana Pacers Sports & Entertainment will pay rent of $5 million over 10 years on a sliding scale, with an option to renew after 10 years. It will cost the city an estimated $1.8 million to operate in the first year and $2.7 million per year by the 10th. Though ticket revenues will grow, repair and maintenance costs are expected to increase from $25,000 in the first year to $320,000 annually by year 10 — and annual employee hiring costs should increase by $335,000 that year. But over the first decade the arena revenue from tickets, parking and other charges is projected to provide the city with $800,000 more than it costs to operate, according to the analysis. The city is still on the hook for $5 million a year to pay off the debt to construct the arena. Most of the repayments for the $93 million bond issue will come from new taxes generated in the area. None of the repayment will be from arena coffers directly. Deputy Mayor Matt Light said the stadium's money-making potential was not as important as being a beacon that draws people to the area. "These types of investments serve as acatalyst for future private investment," Light said. "We're confident that the public fund investment amounts will be significantly outweighed by the ... benefits for the community." The Hunden report projected the district would generate $26.2 million in hotel taxes, food and beverage taxes, income taxes and property taxes, over 30 years. It would create 341 direct jobs, 132 indirect jobs and 67 induced jobs created by the spending of the other new employees. The arena will host at least 25 G-league games, as well as concerts, sports tournaments, conventions and other events. REV Entertainment is responsible for booking all of the events except the Boom games. Vice President for Sports and Marketing Madison SanFilippo said Noblesville has a chance 'to make sure this event center is a point of pride,' for the community. Outside of the 'glamorous events you see billboards for,' like concerts, San Filippo told the Noblesville City Council at a hearing recently, 'private events are a really big part of the budget, your galas, proms and graduations.' The company has already booked two concerts in August and September, and SanFilippo said it is close to signing a community college to a three-year agreement to host its graduations. The first event will be Mayor Chris Jensen's State of the City Address on Aug. 8. The Hunden report said the city is in a good spot geographically and economically to draw spectators. 'Noblesville and the Indianapolis MSA (Metropolitan Statistical Area) are currently lacking a venue at the arena's proposed capacity for ticketed shows and events,' according to the report. 'There are multiple proposed developments that would be competitive to the (arena) when completed, but if (it) is built to accommodate concerts, it has potential to be a compelling entertainment option in the region.' The Boom G-league games are expected to draw an average of 2,300 fans and concerts 3,200. But graduations should average 3,400, sports tournaments, 3,000, and community events 2,000. REV expects to have events booked on 104 dates in the first year and 128 in the 10th. The report said the newly opened Fishers Event Center is not a threat because it is much larger — with a capacity of 7,500 — and because of the general shortage of mid-sized venues in the northern suburbs. 'Although (Fishers) has the potential to draw attendance from the same surrounding areas as the project, it is unlikely to cannibalize ticket sales due to the distinct purposes of the arenas,' the report found. 'There will likely be ample demand to accommodate both arenas.' Fishers is home to the Indy Fuel minor league hockey team, the Indy Freight indoor football league team and the IndyIgnite professional woman's volleyball team. It has booked several concerts, including singer John Legend on Nov. 16, and hosted some high school basketball games, including the Mudsock Classic between Fishers and Hamilton Southeastern high schools. County Council President Megan Wiles said the Hunden analysis report was a shot in the arm for the city. "We had gotten some positive estimates before this, but this is greater than we expected," she said. 'This shows a really positive impact in terms of spending and as a job creator.' Light said the report reassured city officials that the Innovation Mile and the arenas would be good for the city. 'We were pleased with these findings and that the mayor and council can tell the taxpayers that this is worth their while,' Light said
Yahoo
13-06-2025
- Business
- Yahoo
EBR Metro Council picks new advisor for Raising Canes River Center redevelopment project
BATON ROUGE, La. (Louisiana First) — Metro council members move forward with bringing the Baton Rouge Convention Center Expansion and Headquarters Hotel Development Project to life. With one opposed, council members chose to have Hunden Partners serve as the city-parish's advisor for the project. The project, which has been in the works, is to make the center cater more to conventions, all while construction for a headquarters hotel takes place next door. At the same time, a new LSU arena would take on the larger scale of events like concerts and games. Councilwoman Carolyn Coleman, whose District houses the river center, supports the plan. 'This is just the first step. This process is not an overnight process as well but it is a much-needed process,' she said. While many on the board like Coleman agree, Councilman Darryl Hurst said this should have been decided differently. 'Made a decision as a city parish. I urge the mayor and everybody else to slow down. We need to see the data before we make a decision as a council,' said Hurst. Hurst said he's for the project as a whole to help reshape the parish, as it lacks an all-around convention center for businesses. But he worries the community is an afterthought. 'I'm for a better Baton Rouge. I'm for less burden on the taxpayers as long as the city-parish and the lawyers stay true, and the developers, that they're not going to ask the taxpayer for a dime, I support it,' he said. With other projects taking over the parish and budgets shifting around due to new city changes, both Hurst and Coleman say this project is a reflection of not only economic changes, but a representation of the people. 'Baton Rouge has to become a priority for somebody, and it's definitely a priority for me,' said Hurst. 'Not I think, but I know that this is the first step toward what's the best is yet to come,' said Coleman. The parish attorney will start contract negotiations with Hunden Partners, which will then have to be approved by the Metro Council. EBR Metro Council picks new advisor for Raising Canes River Center redevelopment project 'It's a big problem in Baton Rouge': Authorities suspect human trafficking in massage parlors College Drive flyover project complete, brings relief to Baton Rouge drivers Louisiana lawmakers push for transparency in drug pricing, bill advances Judge blocks Trump's National Guard deployment in Los Angeles Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
30-04-2025
- Business
- Yahoo
‘This is day one': Yukon economic feasibility study for amphitheater plans underway
YUKON, Okla. (KFOR) — A Chicago-based consulting firm has kicked off the first steps in an economic feasibility study for a potential Yukon music venue. The site of the proposed Sunset Amphitheater is near I-40 and Frisco Road on the west side of Yukon. The proposed venue holds 12,000 seats, with developers setting their sights on Yukon after Oklahoma City developers shut down a similar plan last year. Venu Holding Corp. is the major developer attached to the project. The project proposal has seen mixed reactions in the community, with supporters arguing it could be an economic spark for the city, and opponents arguing it could drive homeowners away. Yukon residents oppose amphitheater plans Yukon's City Council approved a $60,000 economic feasibility study at the beginning of April. Yukon Mayor Brian Pillmore admitted at the time that it wasn't a popular vote, but that the city needed to take a closer look at all factors regarding the potential venue. On Tuesday, Chicago-based consulting firm Hunden Partners kicked off the first part of the study with stakeholder meetings meant to start gathering different perspectives, concerns or potential opportunities with the project as they relate to Yukon's future. 'This is day one for our study process to evaluate, does this make sense?' said Hunden Partners director Matthew Avila. 'Is it financially viable? Does it work for the community?' Avila said those pieces of information will be core to the scope of his firm's work for the city. He says their goal is to better inform the city on what has been proposed by the venue group to make a decision one way or the other. 'We're not biased,' said Avila. 'We're not investing. We are consultants and advisors that work for municipalities.' Tuesday's two meetings were originally invite-only 'stakeholder meetings,' but neither city officials or firm staff denied entry to members of the public and media who had not shown up with an invite. 'The people that live in the city are the biggest stakeholders of this whole deal,' said Yukon resident Michelle Ellison. Yukon City Manager Mike Castro explained that city leaders did not originally anticipate it being appropriate to have general public meetings since much of the actual plans had not been ironed out. 'As originally envisioned, this meeting was going to involve a select, very small group of individuals who were focused on the schools, who were focused on equity,' said Castro. Castro did say Tuesday that the public participation had been helpful, and those who showed up with or without an invitation provided plenty of feedback. Some residents said they didn't want Yukon to be like other metro cities around them. Others said they were for the development, with at least one resident saying she planned to move her Oklahoma City-based business to Yukon. Avila said the study will go deeper than the ongoing back-and-forth of public commentary. 'We are going to look closely at people that would go there, that are still going to spend money in Oklahoma City,' said Avila. Avila said his firm will also be looking at potential revenue shortfalls, touring the city, looking at trends for people who may go to a possible venue for the show but spend their money in Oklahoma City, and interview other venues/promoters in the Oklahoma market. Furthermore, Avila said his firm will be looking at the financial health of Venu Holding Corp. He said his firm wants to make sure there are no surprises and that any potential figures for costs are fair and negotiated. 'Given that they are a newer group with a lot of potential projects in the pipeline, it does raise concerns.' Avila says his firm won't be putting together traffic or noise studies, two big concerns for homeowners, but said they wouldn't rule out making recommendations that those studies are conducted. 'How can you not look at that?' Ellison asked. 'Because, to me, that's the most important thing.' Ellison says, regardless, she's hoping that residents' tax dollars and input are respected by city leaders whenever the study is finished. 'I'm just hoping the city looks at what they say,' said Ellison. There was discussion Tuesday about whether the findings of the study would be made public without citizens or media partners having to file an open records request. Castro assured those in attendance that the study would be made public. Additional meetings have not been scheduled yet, but several citizens asked to be notified when they are, so they can attend if they'd like. Castro said it would likely be a matter that the city council would have to discuss. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
