A partnership between the city and Marian University is being advertised as the ideal situation.
"This makes sense because we have a nationally ranked cycling team," said Deb Lawrence, a top official with Marian University.
More specifically, the tracks and trails at the complex have been upgraded and a BMX track is being built.
"Everything from weeds to repainting to rebuilding the stands," said Lawrence.
The university has also taken on the $70,000 annual operating costs, and Indianapolis will get 10 percent of all the revenue collected above $250,000.
"The goal is not to have us make the investment. It's to maximize the use of our space, and our parks, and partner with these organizations to see what they can bring to the table," said Marc Lotter, Mayor Greg Ballard's spokesman.
Universities, nonprofits, neighborhood groups and private businesses are being encouraged to get creative.
"There have been talks about having cafes at some of our parks or maybe offering wifi," said Lotter who also suggested the idea of opening a charter school on park property.
Visitors at Eagle Creek Park have been recently enjoying another public-private partnership. A zip line has been operational thanks to a $50,000 investment by a private company.
"It's pretty fun, and it's long so we decided to do it," said Ben Walker, a park visitor.
More than 10,000 people have already ridden the zip line, and the city will soon see between three and 6 percent of the profits after its first year in operation.
"The real benefit we're seeing already is increased traffic into the park and especially a demographic we weren't seeing before, older teens and young adults," said Jen Pittman, an Indy Parks spokeswoman.
The mayor addressed a roomful of business people Thursday night to bring attention to this initiative. Some of the proposed additions to the parks could come as early as next Spring.