INDIANAPOLIS (WOWO): A new deal made between the City of Indianapolis and the Indiana Pacers will keep the team in Indy for at least another decade.

The agreement consists of a 10-year lease with three one-year extensions possible, officials confirmed Thursday. This means the team will stay until 2024, and could stay until 2027. The City will pay a total of $160 million over that time to cover operating costs of Bankers Life Fieldhouse.

An additional $26.5 million will be paid for upgrades to the stadium. Some of the upgrades will include improvements to locker rooms, stadium seating, concession stands, painting, etc.

The team will not be allowed to leave Indianapolis during the lease. A study by the Indiana University Public Policy Institute found that the Fieldhouse and its teams contribute at least $208 million in annual economic impact and support more than 2,000 jobs. The Capital Improvement Board is set to officially vote on the plan Monday.