Indiana

Ticket Tax, Anyone?

By Abdul Hakim-Shabazz

I just had another idea.

Since the Indianapolis Colts are balking at contributing to close the Capital Improvement Board $47 million shortfall, I have another idea and Jim Irsay is the one who provided it.

In an interview this weekend with the Indianapolis Star, Irsay said a deal was deal and he has no desire to renegotiate his lease. He also says he opposes increasing the ticket tax from 6-10 percent. He said it would be onerous on a small market. He also said it would generate about $1.3 billion over the life of the lease with the city.

I did a little math on that, $1.3 billion over 30 years equals about $43 million a year. The CIB shortfall is $47 million, so by raising taxes on ticket sales most of the shortfall goes away and the people who use the facility are the ones who are paying for it. 

And as long as the ticket tax is imposed equally on the Pacers and the Indians, the Colts really can’t complain because that’s what the lease allows, right?

Remember, a deal’s a deal!  How do you like that one, Jim? 

Full post as published by Indiana Barrister on April 27, 2009 (boomark / email).