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:
“The true reformer does not want time, nor money, nor coöperation, nor advice. What is time but the stuff delay is made of? And depend upon it, our virtue will not live on the interest of our money. He expects no income, but outgoes; so soon as we begin to count the cost, the cost begins. And as for advice, the information floating in the atmosphere of society is as evanescent and unserviceable to him as gossamer for clubs of Hercules.”
—Henry David Thoreau (1817–1862)
“It may cost me twenty thousand francs; but for twenty thousand francs, I will have the right to rail against the iniquity of humanity, and to devote to it my eternal hatred.”
—Molière [Jean Baptiste Poquelin] (1622–1673)
“The one regret I have about my own abortions is that they cost money that might otherwise have been spent on something more pleasurable, like taking the kids to movies and theme parks.”
—Barbara Ehrenreich (b. 1941)