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Convention center reports steady bookings; Baker Tilly cites 3.4% food-and-beverage growth and $5.3M cash balance
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Summary
Oak View Group reported 12 November events and a healthy sales pipeline for 2026; consultant Kyle Grossman of Baker Tilly said December food-and-beverage distributions rose to $289,000 (3.4% over Dec. 2024) and the board's November cash balance was just over $5.3 million, with placeholders for the roof ($388,000) and river project ($450,000) moved into early 2026.
Oak View Group, the convention center manager, told the Vigo County Capital Improvement Board on Dec. 17 that November production included 12 events over 14 days with nearly 1,500 attendees and gross revenues around $97,000. The firm reported a sales funnel of roughly $1.3–$1.4 million for future business, 40 definite contracts already in place for 2026, and retention of about 55% of repeat annual clients.
"In November, we had 12 events that we hosted, which accounted for 14 total days. Total attendance for the month was almost 1,500 and gross revenue was around 97,000," the Oak View Group representative said, listing recurring clients and describing bookings and forthcoming marketing plans, including a presence at the 2026 ASAE meeting in Indianapolis.
Kyle Grossman of Baker Tilly joined the meeting online to summarize the cash flow and operating budget. He reported that the December food-and-beverage distribution was $289,000 compared with $280,000 in December 2024, a 3.4% annual increase. "That was good to see," Grossman said, and he noted the CIB received the expected CVB distribution in November.
Baker Tilly listed the November cash balance as just over $5.3 million but cautioned that the balance will decline with scheduled December bond payments and planned capital expenditures. Grossman also said placeholders for capital spending were shifted to anticipated spending months: the theater roof placeholder ($388,000) moved to January and a 'spaces ready' match placeholder ($450,000) moved to February 2026.
Board member Brian Koistra asked whether distributions from the city, county and CVB would continue in 2026; Grossman explained contracts differ and said county distributions begin to phase down in 2027 while city and CVB contributions continue through 2028 in current projections. The board discussed how those distributions interplay with bond sizing and remaining debt service, noting the food-and-beverage tax helps cover a gap in payments.
In other business, the treasurer asked questions about pooled funds and interest recognition for the CIB's accounts and said staff will confirm whether interest on CIB funds is recognized within the CIB government fund rather than the general fund.
The board approved routine invoices and prior meeting minutes earlier in the meeting during the finance portion of the agenda.
