Me neither. But Indy is hawking $612 million worth of them in order to pay for the spanking new, taxpayer-financed home for the Colts.
The state expense is being justified as — you guessed it — an economic development engine, one that will draw trade shows to the city. Uh huh. The usual melange of “hospitality taxes” is supposed to generate enough revenue to pay for the construction debt.
However, city and state wizards do not appear to have provided a way to pay the operating and maintenance expenses for the building. Instead game-day revenue will flow to Colts owner Jim Irsay, around $41m. a year in new revenue for the team.
And now would you like to buy some bonds?
Update: Turns out some of the seats in the new building stink.
