STAND UP PACER PEOPLE, YOUR CITY HAS REACHED AN ARENA DEAL

          Indianapolis Mayor Stephen Goldsmith announced a plan
     to build a $175M arena for the Pacers, including $104M from
     the private sector, according to Gerry Lanosga of the
     INDIANAPOLIS STAR-NEWS.  However, Lanosga reported that
     "catches" in the deal include that the $37M to be invested
     by 16 companies is to be repaid by the city at the end of 20
     years and "most" of the $57M to be contributed by the Pacers
     "is to come in over 20 years from extra revenues the team
     expects to get from the new arena."  Goldsmith said the
     final $20M needed to complete financing was filled with an
     extra $5M commitment from Pacers Owners Herb and Melvin
     Simon, as well as about $16.3M in taxpayer money from
     revenues from a shopping mall and the Capital Improvement
     Board, which operates the city's professional sports venues. 
     Goldsmith "acknowledged" that the package "makes it more
     difficult for the city to find ways to help improve the
     financial situation of" the Colts, but he "said the city had
     no choice" (INDIANAPOLIS STAR-NEWS, 6/19).