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The Capital Improvement Board will be charged with helping Rolls-Royce Corp. find up to 500 additional parking spaces to accommodate the company's move to a downtown campus formerly occupied by Eli Lilly and Co.
The board on Aug. 22 gave its leaders clearance to move forward in drafting a parking agreement with Rolls-Royce and the city.
It would include giving the CIB, which runs the city's stadiums and the Indiana Convention Center, authority to operate the Faris Campus garage and two nearby parking lots--2,000 spaces in total--during evenings and weekends when events are taking place. The CIB would keep the net parking revenue, and that money would be escrowed into a fund that would be used to cover the cost of finding more spaces for Rolls-Royce, said Barney Levengood, the CIB's executive director.
Rolls-Royce this spring finalized an agreement to move 2,500 of its 4,000 employees to the Faris Campus, which Lilly vacated last year. The 465,000-square-foot building on South Meridian Street has been dubbed "Rolls-Royce Meridian Center."
Rolls-Royce would operate the Faris garage during office hours and on evenings and weekends when events were not taking place. A company...