Proposed rendering of the new Pepsi Coliseum (WIBC.com file photo: Mike Corbin)

The countdown is on for the Pepsi Coliseum.

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Indiana State Fair Spokesman Andy Klotz says the $63 million renovation on the facility will begin come October 29th. Klotz says the upcoming Indiana State Fair will be the last one for the 73-year-old facility. Klotz says they plan to commemmorate the Pepsi Coliseum during a "Denim & Dirt Kickin' Up the Hoosier Spirit" party set for this Saturday evening. Klotz says the new Pepsi Coliseum will get a new named title sponsor by the time it re-opens for the state fair of 2014.

The renovated coliseum will include a new, 20,000 square foot arena - done by 2013 - that will add an additional 1,000 seats to the overall facility. Right now, the coliseum accommodates 8,000 visitors. The coliseum is being renovated, among other reasons, to meet contemporary building requirements.

Klotz says the coliseum generates about 40 percent of the State Fairgrounds’ annual revenue. A recent Indiana University Kelley School Business study shows that the building generates $89.3 million in direct spending for the Indianapolis economy