Soccer stadium funding proposal stopped at Statehouse
The city's newest professional sports team was dealt a setback Thursday in its quest for a new stadium.
The Indy Eleven won't get the state financing help it wanted for a proposed stadium in Indianapolis. The team was asking for help building a 18,500-seat, $87 million soccer stadium and a 10 percent ticket tax in hopes of generating $5 million in annual revenue to pay off a 30-year bond.
But lawmakers aren't so sure that adds up.
The proposal did not go through full hearings in the House or Senate and conference committee members are now being asked to sign off on eliminating the stadium funding from Senate Bill 308.
"It would be better handled in a budget year and better handled when the numbers are verifiable," said Sen. David Long (R-Fort Wayne). "I think the idea of a soccer stadium could have great merit in this community, but we have to make sure the numbers are right before we move forward and the legislature steps in and throws it's support behind it."
The Democratic and Republican conferees have to talk to their caucuses about the funding idea, which will come on Monday. A final decision on funding won't come until at least then.
The Indy Eleven opens their inaugural season April 12 at Carroll Stadium on the IUPUI campus.