updated: 12/17/2007 5:07:29 PM

Colts, State Reach New Parking Agreement

InsideINdianaBusiness.com Report

The Indiana Stadium and Convention Building Authority (ISCBA), the Indiana Department of Administration and the Indianapolis Colts have entered a new agreement for parking facilities. The Colts will be allowed to use parking spaces at the State Parking Garage at the corner of Maryland and West Streets for up to ten years, starting in the 2008 season.

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The new agreement increases the number of spaces provided to the Colts on game days and negates the need for construction of a new parking facility.

Press Release

Indianapolis, Ind. -- The Indiana Stadium and Convention Building Authority (ISCBA) announced today that it has reached an agreement with the Indianapolis Colts and Indiana Department of Administration that will permit the Colts to use parking spaces at the State Parking Garage at the corner of Maryland and West Streets for up to ten years, starting in the 2008 season.

The new plan modifies an agreement signed with the Colts in 2005 to provide 3,000 parking spaces at the new Lucas Oil Stadium. Due to a change in circumstances, the ISCBA will now provide approximately 2,000 surface parking spaces at the new stadium site, and 1,500 spaces at the State Parking Garage.

“We have been working for several months to come up with a way to meet the obligation to provide parking for the Colts.” said ISCBA Chairman, David R. Frick. “We are pleased to now have an agreement that is satisfactory to the Colts, is a financially prudent solution for us and which fits within our budget.”

This agreement increases the number of spaces provided to the Colts on game days and utilizes the existing resources of the State Garage for ten years, rather than currently constructing a new parking facility. Parking spaces contemplated in the original stadium site plan were lost due to agreements reached with the N.K. Hurst Company and Downtown U.S. Post Office.

According to Frick, the original agreement obligated the ISCBA to provide two spaces to the Colts for every one of the 3,000 spaces not available at the stadium. “The Colts agreed to reduce that requirement to 1.5 for every space not at the site, which means the State Parking Garage spaces can be used to fulfill the obligation,” said Frick.

Tamara Zahn, President of Indianapolis Downtown Inc., said, "The existing city parking infrastructure accommodates the crowds who will attend the Colts games and contributes to the energy of Downtown. The city has more than 66,000 existing parking spaces in the Downtown area. We are pleased that an effective parking solution has been found for the Colts utilizing the existing infrastructure."

The ISCBA is responsible for securing the stadium parking, even though management of the facility will be assumed by the city’s Capital Improvement Board of Managers of Marion County (CIB) when it is completed next August.

The ISCBA is the state agency responsible for financing, designing and constructing Lucas Oil Stadium and the Convention Center expansion. The expansion, which will be built where the RCA Dome is located, is expected to begin in 2008 and be finished by late 2010. Upon completion, the CIB will operate both facilities.

Source: Indiana Stadium and Convention Building Authority

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