Eleven Park will transform an area of downtown Indianapolis along the White River.

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 bill will give the Capital Improvement Board millions of dollars to revamp Bankers Life Fieldhouse, where the Indiana Pacers play, and help build a proposed Indy Eleven soccer stadium.

The amendment removes a requirement that Indianapolis have a Major League Soccer franchise before the Eleven may collect taxes from the stadium district.

The Senate Appropriations Committee is expected to vote next week on the inclusion of the soccer stadium proposal in the final bill.

The Indianapolis soccer team is proposing a $550 million development project that would include a 20,000-seat outdoor soccer stadium.

Indy Eleven will be pursuing one of four Major League Soccer openings. The team is submitting paperwork to MLS headquarters in New York Tuesday.