The Indy Eleven asked lawmakers Thursday to fund a $150 million, 20,000-seat soccer stadium, but the proposal could be a long shot at this point.

Team owner Ersal Ozdemir, who runs the development company Keystone Group, proposes a $400 million development called Eleven Park, which would include restaurants, shops, offices, apartments and a parking structure at a to-be-decided location.

The legislation he proposes would allow the Capital Improvement Board, which manages Bankers Life Fieldhouse, Lucas Oil Stadium, Victory Field and the Indiana Convention Center, to collect taxes from that development to fund the soccer stadium.

That bill won't receive a hearing, though. Ryan Mishler, chairman of the Senate Appropriations Committee, declined to consider Senate Bill 543, which would raise up to $11 million a year for 32 years in taxes for the stadium in the special taxing district.

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Mishler did leave open a window. He allowed Ozdemir to pitch his project Thursday as a tag on to Senate Bill 7, which would create a funding mechanism to keep the Pacers in town. At this point, though, Mishler has been unwilling to say he would fold in the Indy Eleven bill into his own legislation, raising concerns about the viability of Ozdemir's project.

The committee will vote on the Pacers bill Feb. 21. That will be Ozdemir's first chance this session to convince lawmakers to vote to fold in his legislation. It's likely the effort will last through the session's end in April.

Ozdemir hopes to use the new stadium to lure a Major League Soccer team. Under the legislation, the CIB would manage the tax money, as it does for the Pacers and Colts.

Ozdemir has pledged that his six-year-old franchise would pay for any shortfalls if the development does not generate enough taxes to cover the cost of the stadium.

The reality, though, is the stadium would be publicly owned. If Ozdemir is for some reason unable to cover debt service as he pledges, the city or state might feel obliged to bail him out.

Still, Ozdemir insisted there is no risk of exposure to the city or the state.

"This is a once-in-a-generation opportunity to secure a permanent home for soccer in Indiana," he said. "We simply cannot continue this positive momentum without a world-class facility in Indiana."

Ozdemir said he's considering three locations in the city and sent a letter to Indianapolis Public Schools offering to purchase Broad Ripple High School.

The Indy Eleven play their home matches at Lucas Oil Stadium. Ozdemir has been pushing for years for state help to build a stadium for the team, but lawmakers have balked at providing public subsidies. The Indy Eleven had an average attendance of 12,000 last season.

If the state approves the funding mechanism, Ozdemir would begin lining up development projects, various approvals from the City-County Council, pick a location and attempt to sign a Major League Soccer franchise.

Sen. Jack Sandlin, R-Indianapolis, who is carrying the legislation on behalf of Indy Eleven, thinks the project would be a good fit south of Lucas Oil Stadium on the east bank of the White River. Coupled with the redevelopment of the former General Motors stamping plant on the west bank, he thinks the soccer stadium could be a game changer.

But he told the committee he has no inside track on where the project might locate.

Call IndyStar reporter Chris Sikich at 317-444-6036. Follow him on Twitter: @ChrisSikich.