Concert Venue Could Get Major Makeover

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The executive director of White River State Park in Indianapolis says California-based Live Nation Entertainment Inc. (NYSE: LYV) is offering up to $10 million for a major expansion of the site's concert venue. Bob Whitt says the park's development commission has been examining the concept of a permanent stage and seating on the property for the last three years. He tells Inside INdiana Business the project would likely exceed $10 million, but the commission has additional funding options including bonding authority. Whitt says a timeframe for when the project could begin is "difficult to say." He adds the commission will continue to meet with the offices of Indianapolis Mayor Greg Ballard and Governor Mike Pence to hammer out details.

He says despite a recently-announced proposal to build another concert venue at the nearby former GM stamping plant site, White River State Park is "the very best site" in downtown Indianapolis.

The more than 100-acre property sits right across the White River from the park and is being marketed by RACER Trust. The trust is attempting to sell GM properties that were abandoned when the auto manufacturer underwent major cuts during the economic downturn.

Source: Inside INdiana Business