INDIANAPOLIS (WTHR) - An effort to help Indy Eleven build their own stadium downtown passed its first test Thursday.
State senators passed Senate Bill 7 out of committee in an 11-2 vote.
"We will continue to work directly with legislators and all stakeholders so that we can fully capture this once-in-a-generation opportunity to secure the future of soccer in Indiana - with no new taxes and no appropriations from the state or city governments," Eleven Park said in a statement after the vote.
Eleven Park, the name of the proposed development, would include $400 million in private investment and $150 million related to the 20,000-seat stadium, public plazas and infrastructure financed through a public-private partnership.
They want to privately develop and finance 150,000 square feet of office space, 100,000 square feet of retail, 600 apartment units and a 200-room boutique hotel. They're asking the city of Indianapolis and Capital Improvement Board to let them then use taxes generated on that property to help finance the stadium and public areas, which would then be owned by the CIB and financed by the City of Indianapolis through developer-backed bonds.
Indy Eleven would lease the stadium and pay all operating expenses as well as any cost overruns.
Indy Eleven played their debut season in front of sold-out crowds at IUPUI's Carroll stadium, which was expanded to 10,500 seats. Last year, they announced they were moving to Lucas Oil Stadium. Their first game there drew a crowd of 17,000. They proposed a different stadium of their own back in 2015, but it relied on help from the Statehouse which lawmakers denied and the plans were scrapped.
This year's proposal was originally under a different bill. Lawmakers folded it into SB 7, which funds an extension of a lease extension with the Indiana Pacers for 25 years.
SB 7 now heads to the full Senate for Second Reading, when the entire chamber has the chance to offer amendments.
This story will be updated.