The Capital Improvement Board of Managers (CIB) has approved a deal to keep the Indiana Pacers in Indianapolis for the next 25 years.
The agreement includes $360 million for capital improvements comprised of an estimated $270 million from state and CIB sources and $65 million of private investment from Pacers Sports & Entertainment, including purchases needed to construct an outdoor public plaza.
The City of Indianapolis also is contributing $25 million for public infrastructure needs. The plan also includes investments in future technology capped at $113 million.
The deal calls for a Fieldhouse of the Future expansion. In addition to the changes to the footprint of the building, a new outdoor plaza is planned for public use all year long. The area can host events, including outdoor basketball games, farmers markets, and rental events.
In the winter, Pacers Sports & Entertainment envisions an outdoor skating rink that would be larger than the iconic Rink at Rockefeller Center in New York City.
Construction will be completed in three phases. Phase 1 will focus on interior renovations and is scheduled to run February 1 to October 1, 2020. The building will be closed for events from the end of the 2019-2020 Pacers season through October 1, 2020.
Phase 2 includes an entry pavilion expansion and exterior construction along with additional interior renovations, which will take place after the 2021 NBA All-Star Game until December 31, 2021. The building will be closed for events from the end of the Pacers 2020-2021 season through October 1, 2021.
Phase 3 construction will take place between January 1 and October 1, 2022, to complete the entry pavilion expansion, exterior plaza and remaining interior renovations. The building will be closed for approximately 60 days in THE Summer of 2022.