The Pacers have until April to agree to a long-term lease extension, which would include cash for upgradesNBAE/GETTY IMAGES
The Indiana state Senate approved a measure to extend the Pacers' arena lease for "another 25 years," and the team would have "skin in the game" regarding upgrades to Bankers Life Fieldhouse, according to a front-page piece by Chris Sikich of the INDIANAPOLIS STAR. Indiana Senate Appropriations Committee Chair Ryan Mishler said that the Pacers were contributing $115M for "facility upgrades." Former Indiana state Sen. Luke Kenley said that about $63M of that $115M would be "new money for improvements" to the arena and "related facilities, such as the parking garage," while $52M of the $115M is cash the team already spent on its practice facility. The bill, which now heads to the state House, would "allow the Marion County Capital Improvement Board to raise money from special taxing districts." The Pacers and CIB have until April to "negotiate a long-term lease extension, which would include cash for upgrades and operations." The CIB also would "use money authorized in the bill for more minor improvements to Lucas Oil Stadium" and the Triple-A Int'l League Indians' Victory Field (INDIANAPOLIS STAR, 2/27).
