Governor signs subsidy plan for Pacers arena, soccer stadium

INDIANAPOLIS (AP) - The dedication of nearly $400 million in public subsidies toward two Indianapolis sports stadium projects has been signed into law.

Indiana Gov. Eric Holcomb's office says he signed the bill Monday setting up financing plans for renovation of the Indiana Pacers' arena and construction of a new soccer stadium.

The Pacers agreed to stay in Indianapolis for 25 more years as part of a deal directing $270 million to the Bankers Life Fieldhouse project from the state and local income and sales taxes generated by several nearby hotels - diverting that money from the state, city and local schools.

The plan sets up a similar tax-subsidy district toward 80 percent of the Indy Eleven soccer team's proposed $150 million stadium.

Holcomb says the projects will boost the Indianapolis area.