INDIANAPOLIS (WTHR) - A proposal to contribute $360 million in tax revenue toward the Indiana Pacers' expansion of Bankers Life Fieldhouse will be introduced at Monday's City-County Council meeting.
The hearing comes after the first two hurdles were already cleared: state lawmakers passed Senate Bill 7 and the city's Capital Improvement Board, which owns the Fieldhouse, signed off on the funding sources.
SB 7 doesn't include any new taxes or tax increases. It allows, among other things, the CIB to use revenue from several hospitality taxes that were set to expire in 2027, but now will be extended through 2040.
The expansion and renovation includes a new entry, multi-use outdoor plaza and changes to the indoor gathering and concession areas - all part of a deal to keep the Pacers in Indianapolis for another 25 years.
The hope is the council will sign off on the funding plan by Aug. 1 so contracts can be put out to bid this fall with construction starting next year. If all goes as planned, the expansion would be finished in the fall of 2022.