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Indy OKs $160M Pacers Deal
The Indiana Pacers will play at Bankers Life Fieldhouse in Indianapolis for at least another 10 years, with the unanimous approval by the city’s Capital Improvement Board of a plan that includes $160 million to cover operating costs and facility upgrades.
Photo: AP Photo
The Indiana Pacers will remain at Bankers Life Fieldhouse for at least the next 10 years, thanks to the approval of a $160 million deal by the Indianapolis improvement board that oversees the arena, Lucas Oil Stadium and the city’s convention center April 14.
The agreement includes three one-year renewal options, according to the Indianapolis Star. The CIB is a quasi-governmental agency that helps run Bankers Life Fieldhouse, which is also home to the WNBA’s Indiana Fever; Lucas Oil Stadium and the city’s convention center.
The board will pay $3.7 million annually for arena operating expenses and another $7.1 million, with a 3 percent annual escalator clause, in reimbursements for venue management. It also calls for $26.5 million in capital improvements and $7 million to replace scoreboards and other “major systems.”
The CIB’s revenue derives mainly from hotel, food and beverage, and admissions taxes. It also collects money from rental fees, parking garage income and other local taxes.
CIB President Ann Lathrop said no new taxes would be required to fulfill the agreement, according to the paper.