History
Created by the Indiana General Assembly in 1965, the Capital Improvement Board (CIB) is a public entity of Marion County authorized by Indiana Code 36-10-9 titled Recreation, Culture, and Community Facilities. The CIB is composed of nine members, six are appointed by the Mayor of the City of Indianapolis and three by various government bodies representing Marion County. The CIB finances, constructs, operates, and maintains capital facilities or improvements. These facilities serve to drive Indiana’s economic growth and development through providing recreational, entertainment, and cultural activities in downtown Indianapolis. The CIB owns many prominent venues including the Indiana Convention Center (ICC), Lucas Oil Stadium, Gainbridge Fieldhouse and Victory Field.
The CIB’s first project was the ICC, which opened in 1972 at a cost of $26.1 million. Two years later, Market Square Arena, the original home for the Indiana Pacers and Indianapolis Racers hockey games, opened in downtown Indianapolis. Ten years later, in 1984, the CIB completed its first of many expansions to the ICC and built the original home of the Indianapolis Colts, the Hoosier Dome (later renamed the RCA Dome). This was a $94.7 million project that gave the city many more economic opportunities including the opportunity to host the 1987 Pan American Games, where 38 countries from the Americas came to compete in athletic events.
These facilities set the foundation for Indianapolis’ reputation as a world-class event host and the CIB continued working to burnish this image through a third ICC expansion and renovations to the Hoosier Dome. Three years later in 1996, CIB completed construction of Victory Field, home of the Indianapolis Indians minor league baseball team. In 1999, the CIB finished construction of Conseco Fieldhouse (now Gainbridge Fieldhouse), the new home of the Indiana Pacers NBA team.
In 2001, phase IV of the ICC was completed and added ballrooms, food courts, and new entrances. 2008 marked the opening of Lucas Oil Stadium, the current home of the Indianapolis Colts professional football team and in 2011 the ICC expanded once again. As proximate, world-class venues, the ICC and Lucas Oil Stadium have hosted some of the biggest events of the past two decades: Super Bowl XLVI, multiple NCAA Men’s Final Fours, 2024 USA Olympic Team Trials – Swimming, 2024 NBA All-Star Weekend, and a host of concerts and family friendly events.
The CIB has played an instrumental role in making Indianapolis one of the premier locations for event hosting in the United States. The CIB has contributed to the economic and cultural vitality of Indianapolis and helped shine a spotlight on it thanks to coverage of the events CIB venues host.
The CIB continues to invest in the development of downtown Indianapolis to ensure it remains a desirable destination for residents and visitors alike.