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Super Bowl Hosting Budget Approved

Last updated on Tuesday, August 23, 2011

(INDIANAPOLIS) - The Indianapolis Capital Improvement Board approved its $121.4 million dollar budget for 2012.

About 8-million of that will go toward Super Bowl expenses.

CIB President Ann Lathrop says the CIB isn't really expecting to make money from the Super Bowl. She says the 8 million, much of which will be reimbursed through taxes and the NFL, is about long term economic impact.

Meantime, Super Bowl 2012 Host Committee CEO Mark Miles says his group has all the money it needs to pull off the event. Miles says the committee has raised about 1-million more than its 25-million dollar fundraising goal.

Miles told the CIB that the Host Committee is on schedule with its plans.

The CIB also approved 9-million in 2012 funding for the Indianapolis Convention & Visitors Association. ICVA Spokesman Chris Gahl says that funding represents a big chunk of ICVA's 14-million dollar annual budget.

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