FORT WAYNE, Ind. (WOWO): A new arena for downtown Fort Wayne is getting a little closer to reality.

The Capital Improvement Board this morning approved a contract of up to $10,000 to hire an Indianapolis-based group to analyze the project’s expenses and see if there are any potential revenue sources, according to the News-Sentinel.

Board President Nancy Jordan says they’ll also be looking into whether or not they can issue a bond to help cover the costs, while also looking at a way to compensate the Memorial Coliseum for any potential losses in revenue due to the new arena.

A special committee unanimously recommended last March that the arena be built across from Parkview Field.