The Indiana Senate approved legislation Tuesday that keeps the effort alive to fund a $150 million stadium for a Major League Soccer team.

The Senate voted 48-1 on Senate Bill 7, which also would fund a proposed 25-year lease extension for the Indiana Pacers and an expansion of the Indiana Convention Center. The bill now heads to the House Ways and Means Committee for further debate.

The legislation, filed by Senate Appropriations Chairman Ryan Mishler, sets a high bar. Under the proposal, the Indy Eleven would need to enter into a 25-year agreement with a Major League Soccer franchise by 2022 and front 20 percent of the construction cost for a stadium before the team could use any taxpayer money.

The legislation also includes multiple layers of approval from state and city governments before taxpayer dollars can be used.

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An Indy Eleven stadium deal would require an MLS team.Here's why that's unlikely.

Attracting an MLS team is a pricey prospect. The league has been charging a $150 million expansion fee.

In December 2017, MLS announced it would expand from 24 to 28 teams. Three of those slots have been filled, and one remains open. Future expansions also are possible.

Indianapolis applied but was not chosen, in part because it did not have funding for a stadium.

To build the stadium, the legislation would allow the Indy Eleven to use up to $8 million per year for 25 years from a special taxing district around the team's proposed $550 million redevelopment. That's a change from the team's initial proposal, which would have raised up to $11 million a year for 32 years in property, income, sales and innkeepers' taxes, according to state fiscal analysts.

Indy Eleven majority owner Ersal Ozdemir, who runs the development company Keystone Group, has proposed the $550 million redevelopment called Eleven Park, which would include $400 million in private investment in restaurants, shops, offices and apartments at a to-be-decided location, as well as the $150 million stadium and other public investments.

Ozdemir and his group have not commented on whether they can raise 20 percent of the cost for a new stadium. Spokesman Tim Phelps has said the ownership group will continue to work on the bill.

"We will continue to work with legislators and all stakeholders to make the Eleven Park vision a reality," he said, "and to secure the future of the world’s most popular sport in Indiana – with no new taxes and no appropriations from city or state governments."

The legislation 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.

Ozdemir, who expanded owners to seven new investors this year, has said he's considering three locations in the city and sent a letter to Indianapolis Public Schools offering to purchase Broad Ripple High School.

He 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.

Still, some lawmakers are concerned the state ultimately may have to bail Ozdemir out if he can't afford for some reason to pay back the debt.

The Indy Eleven plays its 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.

IndyStar reporter Kelly Hwang contributed to this story.

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