A bill that helps provide funding for a new soccer stadium in Indianapolis is heading to Governor Eric Holcomb’s desk. Senate Bill 7 creates a professional sports development area, which would capture taxes to help fund the facility. The stadium would serve as the home of the Indy Eleven soccer team and is part of the proposed $550 million Eleven Park project, plans for which were first announced in January.
The Indy Eleven released a statement following the final 44-4 vote from the Indiana Senate.
With Senate Bill 7 now headed to the Governor’s desk, we are ready to kick off a new era for Indy Eleven professional soccer and the world’s most popular sport in Indiana – with no new taxes and no appropriations from city or state governments.
This is the latest step in the legislative process. With the Governor’s signature, we can continue along the path to fully capturing this one-in-a-generation opportunity to secure the future of the world’s game in our capital city.
The new stadium would be owned by the Capital Improvement Board in Indianapolis and leased by the Indy Eleven, which would cover all operating expenses and overrun costs. The entire Eleven Park project also includes proposed apartment, retail and office space, as well as a 200-room boutique hotel, however SB 7 only provides funding for the stadium.
The bill also provides a large portion of funding for the previously-announced $300 million in upgrades to Bankers Life Fieldhouse, as well as improvements to the Indiana Convention Center. A previous version of the bill also included funding for two new hotels in downtown Indianapolis, however that provision was removed by the House Ways and Means Committee.
Indianapolis Mayor Joe Hogsett provided a statement after the Senate vote Tuesday:
I want to applaud this afternoon’s concurrence on Senate Bill 7, but I also want to applaud the way this legislation was crafted — through state-local collaboration, without a tax or fee increase, and with broad bipartisan support.
I offer my personal thanks to legislative leaders in the house and senate for their collective work to craft a bill that protects Hoosier taxpayers and preserves this key economic engine for the next generation of Indiana residents. I look forward to continued conversations with state and local leaders about how we can fully realize the Capital Improvement Board’s 25-year vision for these critical assets.
The bill now awaits Governor Holcomb’s signature.