Pacers Agree To 25-Year
Arena Deal With $800M In Public Money
The
Indiana Pacers have agreed to a deal with the city of Indianapolis for 25-years
that they will spend approximately $800 million to keep the franchise in
Indiana.
In Friday morning meeting, the Marion County
Capital Improvement Board, which owns or manages the city's professional sports
stadiums, voted unanimously in favor of the 157-page agreement.
In
order to upgrade the Bankers Life Fieldhouse, the agreement included terms that
stated the announcement of $295 million in public money. Round about $365
million, stated by the CIB later that day as an average $14.5 million a year
over 25 years to intervene it over that time.
From local and state sales and income taxes a total of $800
million will be collected.
“Little research exists to suggest such deals pay off from a
fiscal standpoint”, said by Michael Hicks, Ball State University economist.
A fee of as much as $750 million was included in the deal to be
paid by the Pacers if they were to leave Indianapolis early
The Pacers have been proposing the idea of signing an extension
in return for publicly funding upgrades to Bankers Life Fieldhouse for two
years.
No comments:
Post a Comment