Apr 27, 2013, 1:00 PM EDT
A bill that would help fund improvements to the legendary Indianapolis Motor Speedway has been approved by the Indiana General Assembly and is now heading for the desk of Gov. Mike Pence.
House Bill 1544, which has passed through the Indiana House and Senate, calls for the creation of an Indiana Motorsports Investment District that will capture sales and income taxes at the commercial property that includes IMS, which will then go toward future investment in the Speedway.
According to the legislation, the track will receive a loan from the state of Indiana for up to $5 million per year for 20 years to complete upgrade projects, and the loan will be repaid through expected increases in income and sales tax collections at IMS — which will kick in $2 million a year over 20 years ($40 million total) themselves toward the improvements.
“We appreciate the hard work done by state lawmakers to ensure Indiana remains the worldwide leader in motorsports,” Indianapolis Motor Speedway Corporation president/CEO Jeff Belskus said in a statement. “This legislation will allow us to make transformative improvements to our 104-year-old facility over the next several years that will greatly enhance the fan experience.”
In addition, the bill also creates a special fund for motorsports-based businesses in Indiana to apply for loans that can help them improve their own facilities. The state will provide up to an additional $5 million annually to the fund, which will be run by the Indiana Economic Development Corporation.
The legislation was introduced into the Indiana General Assembly in February. A Feb. 8 press release from IMS stated potential projects that could occur thanks to the legislation, such as the installation of lights, adding high-definition video boards, and seating and restroom upgrades.