INDIANAPOLIS (WISH) — A new report from Chicago-based consulting firm Hunden Partners finds a stadium tax district for a potential Major League Soccer team could generate more than $2 billion over 32 years.

This number is how much a tax district called a Professional Sports Development Area could collect and does not represent how much would be available for the stadium.

The tax money could come from state revenue and other government revenue. State revenue was projected to generate $1.7 billion, but an annual cap would limit how much can be directed to a stadium project.

The Hunden report explains that, with the annual $9.5 million cap, the stadium is projected to get $297.9 million.

The tax area is projected to start hitting the cap in the development area’s second year, thereby reducing the overall amount directed to the stadium.

Other revenues collected from the development area would include the local income tax, a projected $328.5 million, and the food and beverage tax, and the county innkeepers’ tax, a projected $193.3 million.

The stadium is projected to get $819.7 million in the base analysis of the income.

The firm provided an optimal market case, in which the tax district could generate up to $984.4 million.

In addition, the conservative case projects $728.8 million, and the worse-off stress case comes in at $686.6 million.

The report analyzes redevelopment projects already in the works and considers underutilized parking lots that could be redeveloped into other buildings.

The report considers projects in the pipeline near the proposed stadium site, such as the Circle Center Mall redevelopment, the City Market Campus project, and the Stutz II development.