Vigo County CIB backs letter of support for Ready 2 arts grant to help renovate Indiana Theater

The Vigo County Capital Improvement Board voted to authorize the board president to sign a letter of support for a Ready 2 Arts & Culture grant application aimed at funding an arts collaborative hub and first-floor renovations of the Indiana Theater.

Board President (Board President (S5)) presented the grant opportunity, saying the Indiana Arts Commission has $65,000,000 available statewide and that the Ready 2 initiative, boosted by private partners, could provide significant funds if the board secures a dollar-for-dollar match. "So then, not to cut us out, but if there's no other questions, I will entertain a motion to consent the board president to sign a letter of support for the ready 2 arts and culture grant initiative," the board president said.

County Commissioner (County Commissioner (S1)) and other members discussed financing options for the match, laying out three paths: use CIB cash, pursue a bond backed in part by property taxes if food-and-beverage revenue fell short, or form a nonprofit to raise matching funds. "We could actually fund a large portion upfront with cash, then utilize that million dollar in growth each year to identify the bonding capacity of the CIB," Baker Tilly consultant Kyle Carlson said, reporting a February cash balance of about $4.7 million.

Board members emphasized caution about issuing a long-term bond solely on food-and-beverage revenue because lenders typically require property-tax backing. One member noted that any county-issued bond would require county council approval and a 4-3 vote to proceed. The board discussed alternatives including interlocal agreements, short-term county loans, or targeted fundraising through a nonprofit vehicle.

The board also discussed the broader community benefits of pairing arts investments with other tourism and sports infrastructure, and the need to avoid using the exact word "bond" in the support letter while signaling willingness to provide a matching contribution. A motion to allow the board president to sign the letter of support passed by voice vote.

Next steps: staff will draft the support letter consistent with the board discussion, Baker Tilly will refine bond scenarios and cash-flow forecasts, and the board will return to detailed financing choices if the grant application advances. The grant application deadline was stated as April 15 in the meeting; staff will confirm application timelines and any subsequent reporting requirements.