INDIANAPOLIS (AP) — The Indiana Pacers will stay in Indianapolis for 25 more years in a deal that includes $295 million in public subsidies for a renovation and expansion of the NBA team's downtown arena.
The Marion County Capital Improvement Board voted Friday in favor of the agreement that comes as state legislators are negotiating a plan to divert state and local income and sales tax revenue generated by several downtown hotels toward the Bankers Life Fieldhouse project.
The deal calls for the Pacers to pay $65 million toward the renovations, which will feature construction of a year-round outdoor plaza in place of an existing parking garage next to the arena. It commits the board to spending up to $120 million on technology upgrades at the fieldhouse, which opened in 1999.
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