CIB City Approves $ 360 Million Agreement to Keep Pacers, Including Renovations Completing the Flag – Indiana Pacers

INDIANAPOLIS (WTHR) – The Pacers are about to stay in Indiana for decades.

On Friday morning, the Capital Improvement Commission voted in favor of a $ 360 million agreement to keep the team in the state. The $ 360 million break down between $ 270 million for the IPC, $ 65 million for the Pacers and $ 25 million for the City of Indianapolis.

According to CIB, the agreement is expected to generate an economic impact of $ 13 billion over the life of the contract.

Last step in the process: the agreement still needs to be approved by the city council.

"I want to applaud the hard work of the Capital Improvement Board and Indiana Pacers, which culminated in the signing of the 25-year agreement today," said Mayor Joe Hogsett, D -Indianapolis, in a statement issued at the end of the CIB vote. "I am also proud that the strength of our city's decades-long sports strategy has resulted in a long-term agreement that will not require a penny in new taxes or fees for taxpayers." Indiana In the coming weeks, I hope that the spirit of collaboration manifested today will translate into bipartite support for this agreement at the local and national levels. "

Several fans said that they were happy to learn a long term deal.

David Brown said, "I'm happy about that, it's great news to have them here for even more than 25 years."

"It's good for the city and the Pacers," said Rayanne Folsom-Ross. "I mean, where else can they go? It's a basketball town. Where else can they go?"

The current agreement lasts 10 years and ends after the 2023-24 season. This forces the city to cover operating costs and several Fieldhouse upgrades.

New deal upgrades

The "amended" agreement calls for an expansion of the "Fieldhouse of the Future". It includes a year – round outdoor public square, staging areas and Fieldhouse modifications, including a giant window similar to the Lucas Oil Stadium atmosphere. The project would be a legacy for the team's owner, Herb Simon, 84 years old. CIB has decided to go ahead with an architect and a contractor for this expansion. The renovations will begin next summer if the state legislature and county council approve it.

The renovations will have no effect on the NBA 2021 all-star game. The interior renovations will take place from February to October 2020. The building will be closed for events from the end of the 2019-2020 Pacers season to October 1, 2020.

Phase 2 includes the expansion of the entrance pavilion and further interior and exterior renovations. These will take place after the NBA 2021 Star Game and will continue until December 31, 2021. The building will also be closed for events ranging from the end of the Pacers 2020-2021 season to October 1, 2021.

Phase 3 of the construction works will run from January 1 to October 1, 2022. This project will complete the expansion of the entrance pavilion, the outdoor plaza and the remaining interior renovations. It also means closing the building for 60 days during the summer of 2022.