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 cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.”
—Henry David Thoreau (1817–1862)
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—William Gouge (20th century)
“It is not enough for theory to describe and analyse, it must itself be an event in the universe it describes. In order to do this theory must partake of and become the acceleration of this logic. It must tear itself from all referents and take pride only in the future. Theory must operate on time at the cost of a deliberate distortion of present reality.”
—Jean Baudrillard (b. 1929)