Indianapolis: A step closer to new $87-million stadium

source: IndyStar.com

Indianapolis: A step closer to new $87-million stadium By voting to amend Senate Bill 302 local committee allowed Indy Eleven to capture $2 million of tax revenue to help pay for the proposed 18,500 capacity stadium. IndyStar.com report.

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Yesterday, by an 18-2 vote, the House Ways and Means Committee in Indianapolis passed an amendment to Senate Bill 308, which addresses Allen County's professional sports development area.

The bill still needs to be accepted by the full House, but represents a major progress for Indy Eleven. The club recently suggested it’s not asking for financial support for the new 18,500-stadium, but would appreciate legislation amendments to capture some of its tax revenue in order to cover part of the project's cost.

Yesterday’s vote, if accepted further, will provide $2 million of the expected $5 million tax revenue back to the club. Team owner Ersal Ozdemir has projected that the stadium would generate $5.1 million annually in ticket-tax revenue, plus $4.1 million in sales and income tax.

The new MLS-sized stadium is estimated to cost $87 million. The team has sought a new stadium all along. But plans accelerated due to an favorable reception to the new North American Soccer League team, as evidenced by sales of 7,000 season tickets.

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