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Indianapolis Approves Bankers Life Fieldhouse Renovation Funding

The Pacers will contribute $65M to the renovations, and the city itself will chip in another $25MPACERS

The Indianapolis City-County Council "unanimously approved two measures tied to planned renovations to Bankers Life Fieldhouse and the long-term retention" of the Pacers, according to Michey Shuey of the INDIANAPOLIS BUSINESS JOURNAL. The Indianapolis Capital Improvement Board "agreed to allocate" $270M toward an "overhaul of the fieldhouse as part of a 25-year deal to keep the Pacers in Indianapolis." The team will contribute an additional $65M to the renovation, and the city will "chip in" $25M. The council approved a "measure allowing the CIB to issue" up to $320M in bonds, including a $50M "cushion for capitalized interest and debt reserve funds." The CIB also "plans to refinance its existing debt" for the venue through a separate $140M bond. The Indiana State Budget Committee still "must approve a measure allowing the Indiana Treasurer's Office to loan the CIB money from the state's excess revenues" starting in '27. The group is "expected to take up the matter when it meets Friday" (IBJ.com, 7/16).

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