The Pacers will continue to play basketball in Indianapolis for at least another decade under a $160 million deal the team and the city plan to announce Monday morning.

The agreement locks the team into Bankers Life Fieldhouse for another 10 years, with three one-year renewal options, according to documents obtained by The Star. In exchange, the city will provide the $160 million to cover operating costs and facility upgrades.

The city's Capital Improvement Board is expected to vote on the deal Monday.

The agreement locks in the Pacers through the 2023-2024 basketball season, and possibly through the end of the 2027 season. That coincides with the final debt service payments on the fieldhouse.

The deal sticks even if the Pacers begin to lose money.

The city's Capital Improvement Board will subsidize team operating costs to the tune of $3.7 million a year. That will cover things like liability insurance, security and utilities. The CIB will also pay the fieldhouse's manager $7.1 million a year, with that amount rising 3 percent each year.

In addition, the CIB will provide $26.5 million dollars to the Pacers for upgrades to seating, new paint and improvements to locker rooms and concessions. The CIB will also pay for $7 million in improvements directly to replace the floor, upgrade the cooling tower and improve the facility's steam pressure control system.

Finally, the CIB will license the $16 million scoreboard and sound system the team bought in 2012. The CIB will pay $8 million over 10 years and will take title of the equipment at the end of the deal.

In exchange, the city's Capital Improvement Board will provide $11 million to $13 million a year in operating expenses, plus $33.5 million for capital improvements at Bankers Life.

The new deal also makes provisions in the event of the death of the team's billionaire owner, 79-year-old shopping mall magnate Herb Simon.

If the team's lenders call its current loans due, or if those loans mature, the Pacers must seek replacement financing that is secured by collateral, likely real estate. The CIB would have time to ask state lawmakers and the City-County Council to help the Pacers obtain such financing. If the team can't obtain such financing and the Pacers' parent company, Pacers Sports and Entertainment, decides to sell the team, the city is entitled to a right of first offer.