Noblesville Council OKs project terms for Pacers G League arena
The Noblesville City Council on Tuesday night approved project terms for a new $36.5 million arena that will house the Indiana Pacers’ developmental league team.
Under the plan, the Fort Wayne Mad Ants of the NBA G League will relocate to Noblesville to play at the 3,400-seat arena at Finch Creek Park, along Boden Road, beginning in the 2024-2025 season. The team is expected to move from Fort Wayne, where it was founded in 2007, to play next season at Gainbridge Fieldhouse in downtown Indianapolis.
The Pacers plan to contribute $5 million over 10 years to the project. Noblesville will own the venue and finance it with bonds that will be paid off by lease proceeds.
Officials with Noblesville and Pacers Sports & Entertainment announced the arena project and team relocation at a news conference on Monday.
“Here is central Indiana, we are no longer a flyover community,” Mayor Chris Jensen said. “We are going after the biggest and best when it comes to economic development and growth potential. We’re ready for primetime, and this move in Noblesville is getting us in primetime and letting us tell our story.”
The city council voted 9-0 to approve the term sheet for the 85,000-square-foot arena.
The team, which will receive a new nickname and mascot before it takes the court at the new arena, will be identified with Noblesville in its name.
According to the project term sheet, the Pacers will rent the arena for 10 years with a 10-year renewal option.
The Pacers will pay the city $1.25 million to rent the arena in its first year in operation. The team will then pay the city $1 million the second year, $750,000 the third year, $500,000 the fourth year and $250,000 in years five through 10.
The project term sheet adds that the city will retain the first $500,000 of the annual net revenue from arena naming rights and in-venue signage. Net revenue in excess of $500,000 will be split 60% for the city and 40% for the team.
The Pacers will retain all money from team ticket sales, team sponsorships and merchandise sales. The city will keep all revenue from concession sales and parking.
The team’s use of the arena will be limited to home games, while the city will be able to host events at the arena on days when games are not scheduled.
Jensen told the city council that the arena is expected to attract about 65,000 people to the city per year, which he said will equate to more than $30 million in annual economic impact for Noblesville.
The city is working with indoor athletic facility developer Card & Associates, based in Indianapolis, and local firm KRM Architecture, to develop the property. The design is expected to include several suites, an event space, a mezzanine viewing area and a pop-up retail area.
Construction on the arena is expected to begin later this year and be completed by the end of 2024 or early 2025.