updated: 2/20/2013 8:27:45 AM
The Indiana Senate has approved a bill establishing a district to help fund major upgrades at the Indianapolis Motor Speedway. Author Mike Young (R-35) says the plan would keep the track competitive and prevent the state from losing tourism dollars. The proposal now moves to the Indiana House for consideration. Our partners at WTHR outline how the speedway plans to spent the money if the legislation receives final approval.
February 19, 2013
Statehouse - Legislation authored by State Sen. Mike Young (R-Indianapolis) directing up to $5 million a year in public funding for capital improvements to the Indianapolis Motor Speedway passed the Senate today 37-12.
Senate Bill 91 allows for the creation of a special taxing district that would transfer state sales and income taxes collected within the district to the Indianapolis Motor Speedway. The legislation would provide up to $5 million annually over 20 years, only affecting taxes coming from land owned by the speedway. The speedway would also contribute $2 million a year for capital improvements.
"The Indianapolis Motor Speedway is a Hoosier icon," Young said. "It provides millions of dollars in economic value and thousands of jobs to the state. By creating this partnership, we can capitalize on this asset and cultivate a positive return on investment for Indiana."
Young said that growing competition has created the need for improvements to the speedway's facilities. Since construction was completed in 1909, more modern racetracks have been built around the country, drawing fans to other races and causing the state to lose tourism dollars associated with motorsports.
Proposed improvements to the facilities at the speedway include adding lights for night races, making grandstand improvements, renovating buildings and updating sections to make them more handicap-assessable.
SB 91 now goes to the House of Representatives for further consideration.
Source: Office of State Senator Michael Young