Cost
Groundbreaking for the stadium took place on September 20, 2005. It was originally referred to as Indiana Stadium until Lucas Oil purchased the naming rights. The total cost of Lucas Oil Stadium was $720 million. The stadium is being financed with funds raised by the State of Indiana and the City of Indianapolis, with the Indianapolis Colts providing $100 million. Marion County has raised taxes for food and beverage sales, auto rental taxes, innkeeper's taxes, and admission taxes for its share of the costs. Meanwhile, there has been an increase in food and beverage taxes in the eight surrounding doughnut counties (with the exception of Morgan County) and the sale of Colts license plates.
The County Commissioners of each county voted whether to levy the 1% food and beverage tax proposed by Marion County. Sweetening the deal for the those counties was the fact that half of the revenue from the tax would stay in the respective county. Morgan County was the only county to turn down the offer, yet in a later vote, it levied its own 1% tax - thus keeping all of its additional generated revenue.
Read more about this topic: Lucas Oil Stadium
Famous quotes containing the word cost:
“Oh high is the price of parenthood,
And daughters may cost you double.
You dare not forget, as you thought you could,
That youth is a plague and a trouble.”
—Phyllis McGinley (20th century)
“If music in general is an imitation of history, opera in particular is an imitation of human willfulness; it is rooted in the fact that we not only have feelings but insist upon having them at whatever cost to ourselves.... The quality common to all the great operatic roles, e.g., Don Giovanni, Norma, Lucia, Tristan, Isolde, Brünnhilde, is that each of them is a passionate and willful state of being. In real life they would all be bores, even Don Giovanni.”
—W.H. (Wystan Hugh)
“Mining today is an affair of mathematics, of finance, of the latest in engineering skill. Cautious men behind polished desks in San Francisco figure out in advance the amount of metal to a cubic yard, the number of yards washed a day, the cost of each operation. They have no need of grubstakes.”
—Merle Colby, U.S. public relief program (1935-1943)