"Mayor Ballard thanks the Pacers and the Simon family for their investment at Bankers Life Fieldhouse.
"These new amenities will greatly improve the fan experience at what is still considered one of the finest venues in the nation, but they will not be a factor during the negotiations to extend the long-term management contract for the fieldhouse with Pacers Sports and Entertainment."
Pacers Sports & Entertainment is making the investment into the 13-year-old venue. But whether it will seek reimbursement from the building’s owner, the Capital Improvement Board of Marion County, remains to be seen.
Jim Morris, president of Pacers Sports & Entertainment, said at Thursday's announcement that the organization is in “preliminary conversations” with the CIB about a long-term lease. The current, 20-year agreement expires in 2019.
“I have no idea what the negotiations will entail,” Morris said of whether reimbursement will be sought from the CIB.
The building cost $185 million to construct and only $6 million has been invested in upgrades since its opening, Morris said.
UPDATE: Check out this story by Richard Florida in a recent edition of The Atlantic Cities discussing whether professional basketball arenas spurs economic development. The answer of an objective study is a resounding NO.