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CIB/ MCCRFA Fieldhouse Project (2021)

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Project

In March 2021, the Bond Bank issued a total of  $424,335,000 in bonds for new money, to refund the outstanding Series 2019B and Series 2020C CIB Fieldhouse BANs and to defease the outstanding 2011D, 2011I, 2011K, and 2012B series.  Refunding and defeasing outstanding debt allows the existing 2007C bonds and new 2021A bonds to be the only outstanding CIB obligations.  As part of a 25 year agreement with the Indiana Pacers, an NBA team based in Indianapolis, the Capital Improvement Board (CIB) has committed to $320 million in improvements to Bankers Life Fieldhouse. The project includes updates to the Fieldhouse, fan experience and the construction of a public plaza.  Anticipated completion of over 90% of the improvements is expected by December 31, 2022. Construction has been completed in phases allowing for the Pacers to play a normal at-home schedule during the 2021-2022 NBA season.  The Series 2021A bonds are secured by CIB's revenues including PSDA, Innkeeper's, Food and Beverage, County Admissions, County Auto Rental, and Cigarette tax revenues.