From The Indianapolis Star:

The Indiana Pacers received the first $10 million of their $33.5 million in taxpayer help to run and improve Conseco Fieldhouse on Friday. … Under the deal presented this week by Mayor Greg Ballard and CIB leaders, $10 million per year would help the Pacers, who have seen financial losses in recent years, offset operating costs at Conseco Fieldhouse. The CIB also would pay $3.5 million for capital improvements that could include things such as a new scoreboard and updated telephone systems. In exchange, the Pacers must remain in Indianapolis until June 30, 2013. If the Pacers leave after that, the team would have to pay back part of the $30 million on a decreasing scale, on top of the city’s estimated $20 million in termination fees in the existing contract.

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