INDIANAPOLIS (AP) — State legislators have approved a financing plan for the bulk of $295 million in public subsidies toward the renovation and expansion of the Indiana Pacers’ arena in downtown Indianapolis.

The state Senate voted 44-4 Tuesday in favor of the plan, sending it to Gov. Eric Holcomb for consideration.

Approval of the bill was key to a deal for the Pacers’ recent agreement to stay at Bankers Life Fieldhouse for 25 more years.

No new taxes will be imposed, but the state and local income and sales tax revenue generated by several nearby hotels would be diverted from the state, city and local schools.

The bill also sets up a similar tax-subsidy district toward construction of a proposed $150 million stadium by the Indy Eleven soccer team in Indianapolis.