INDIANAPOLIS - The Capital Improvement Board has approved a one-year contract extension with the Indiana Pacers.
CIB President Ann Lathrop said the move gives the CIB, the city and others more time to look at long term fiscal viability and discuss new potential revenue sources.
The extension means the CIB will provide the Pacers another $10 million loan for Bankers Life Fieldhouse operating expenses. The extension will run through June 2014.
Indianapolis Mayor Greg Ballard's spokesman, Marc Lotter, said the Pacers play a large role in the economic stability of the city and that he believes the extension will help all parties review fiscal solutions.