llion. This money will be collected via the tax district, hotel-motel tax, and built in ticket tax. The Tax district is a tax that is placed on the area surrounding the Fieldhouse. Local businesses and Circle Center Mall residents will be taxed for the beneficial increase in customers in the area due to the new facility. The Hotel-Motel tax is placed on existing and new hotels in the area. This tax is added to the cost of nightly stays in the hotels that fans may be using while attending functions at Conseco Fieldhouse. The final tax the city will use is built into the sale of every ticket sold. Visitors to the facility will not be told or aware of the tax, but the price of tickets will reflect this small but important tax. The rest of the money will come from private sources like Conseco and private investors. This private money will be repaid by the city over a 20-year period. Though there was an over-budget cost of around 8 million dollars the actual cost for the building will not increase. Our booming economy has kept interest rates down, allowing the city to borrow more money to meet the cost without actually increasing its financing cost. The Pacers also agreed to a new 20-year lease and must pay-off $150 million in bonds on Market Square Arena. The team must stay with Indianapolis for the 20-year period as written in the contract. If they breach this contract they are responsible for a $500 million dollar fee for damages.Trickle Down EffectThousands of tons of bricks, limestone, concrete and glass were used by the 1200 workers to build this 750,000 square foot space between Delaware and Penn. Street. When looking at the costs and more importantly the benefits of such a construction, we cannot focus on just the immediate financial side. All the materials must be shipped in from all over and from many different companies. Without the project these companies would not have received the business. Many temporary job ...
