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Indiana Governor Signs Bill with Bankers Life Fieldhouse Renovation Funds

A planned Bankers Life Fieldhouse renovation for the Indiana Pacers has taken another step forward, as governor Eric Holcomb has signed related legislation.

The Pacers have been locked into a lease for downtown Indianapolis’s Bankers Life Fieldhouse that runs through 2024. As part of an effort to secure a longer commitment from the team, state lawmakers debated a plan that would create funding for future renovations, which would come as part of a 25-year lease extension between the Pacers and the Marion County Capital Improvement Board.

That effort took a major step forward last week, when the bill–which also includes funding for a proposed stadium for professional soccer’s Indy Eleven–gained approval from the Indiana General Assembly. Approval from the General Assembly effectively advanced the bill to Holcomb for his consideration, and his office confirmed this week that he has signed the legislation. More from the AP:

Indiana Gov. Eric Holcomb’s office says he signed the bill Monday setting up financing plans for renovation of the Indiana Pacers’ arena and construction of a new soccer stadium.

The Pacers agreed to stay in Indianapolis for 25 more years as part of a deal directing $270 million to the Bankers Life Fieldhouse project from the state and local income and sales taxes generated by several nearby hotels — diverting that money from the state, city and local schools.

As part of the funding plan, Pacers Sports & Entertainment would contribute $65 million of a $360-million public-private partnership to pay for capital improvements at the arena. City funding in the form of $25 million for public infrastructure would also be part of that mix, though it requires its own approval process.

The lease extension would commit the Pacers to Bankers Life Fieldhouse through the 2043-44 NBA season, with options that could extend their agreement an additional three years.  Upgrades would be made both inside and outside the arena, with an exterior public plaza and more gathering spaces on the interior among the current plans. Major renovations would take place over three phases beginning in 2020.

Rendering courtesy Pacers Sports & Entertainment.

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