Eleven Park is moving one step closer to reality, though not without reservations. Bill ensuring funding for the project has been passed almost unanimously by the state senate. Raport by Indy Star.
This week brings progress for supporters of Indy Eleven and the team's efforts to join MLS. Indiana Senate voted on Tuesday to support Bill 7 by an overwhelming majority of 48 to 1. Now the House Ways and Means Committee will take the bill up for debate.
The proposed law covers funding mechanism for proposed 20,000-seat stadium and surrounding commercial complex. However, it also imposes some requirements on investor and Indy Eleven owner Ersal Ozdemir.
He would have to reach agreement with MLS first (for 25 years or more, no later than 2022), only then be awarded stadium construction right. Also, Ozdemir would have to put 20% of the stadium cost up front in order to reassure authorities he is serious and capable of funding the stadium.
To build the stadium, the legislation would allow the Indy Eleven to use up to $8 million per year for 25 years from a special taxing district around the team's proposed $550 million redevelopment (150 for the stadium and 400 for commercial district around).
That's a change from the team's initial proposal, which would have raised up to $11 million a year for 32 years in property, income, sales and innkeepers' taxes, according to state fiscal analysts.