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.
Chase Elliott keeps winning, but he’s not finished capturing checkered flags this season by any stretch
Jul 22, 2014, 1:38 AM EDT
With the third win of his rookie Nationwide Series career, Chase Elliott continued to make it look easy in this past Saturday night’s EnjoyIllinois.com 300 at Chicagoland Speedway.
Jul 21, 2014, 8:05 PM EDT
For Wallace and his Truck Series rivals, racing on dirt presents a different set of challenges – and thus requires a different way to train.
Jul 21, 2014, 7:01 PM EDT
In a satellite radio interview, France shared his thoughts on the consortium of NASCAR’s most powerful teams.
Jul 21, 2014, 6:02 PM EDT
Jack Hawksworth will co-drive the No. 08 Prototype Challenge car for RSR Racing in Friday’s IMSA event on the Indianapolis Motor Speedway road course.
Jul 21, 2014, 5:10 PM EDT
Between his Eldora Speedway hosting the Truck Series and then competing at Indianapolis this weekend in Sprint Cup, Stewart’s in the middle of a busy week.
Jul 21, 2014, 3:45 PM EDT
All the notes and numbers to keep in mind for NASCAR’s visit to Indianapolis Motor Speedway.
Jul 21, 2014, 3:00 PM EDT
One last bit of fun for Hamlin, Ricky Stenhouse Jr., and Michael Waltrip before the Sprint Cup Series returns to action at Indianapolis.
Jul 21, 2014, 2:15 PM EDT
Indianapolis Motor Speedway delivers a bizarre take on the classic “Sunday! Sunday! Sunday!” ads.
Jul 21, 2014, 1:30 PM EDT
Writer’s Note: The following is a recap of this weekend’s TORC: The Off-Road Championship races from Bark River, Michigan. NBCSN will air the races on Sun., Aug. 3, at 1:30 p.m. ET. If you don’t want to know who won until then, we suggest you find another post to read here on MotorSportsTalk…
Jul 21, 2014, 1:00 PM EDT
Chevrolet dominates the results sheet for IndyCar in Toronto.
Jul 21, 2014, 12:30 PM EDT
Writer’s Note: The following is a recap of this weekend’s Pirelli World Challenge races from the streets of Toronto. NBCSN will broadcast the Toronto races on Sunday, Aug. 10, at 1:30 p.m. ET. If you don’t want to know who won until then, we suggest you find another post to read here on MotorSportsTalk…
Jul 21, 2014, 12:00 PM EDT
Quartet of Hondas could have stolen the second of the Honda Indy Toronto races if not for the final red flag.
Jul 21, 2014, 11:00 AM EDT
Podiums and successful damage limitation pay dividends for Team Penske teammates Will Power and Helio Castroneves in Toronto.
Jul 21, 2014, 10:00 AM EDT
Opportunistic Mike Conway and Ed Carpenter Racing delivered on their opportunity to succeed once again in Toronto.
Jul 21, 2014, 9:30 AM EDT
Sebastien Bourdais is back to winning form in the Verizon IndyCar Series – and that’s a good thing for him and the series.
Jul 21, 2014, 8:00 AM EDT
Stewards deem it to be a racing incident, but Massa is less than impressed by Magnussen’s move.
Jul 21, 2014, 7:00 AM EDT
German driver continues his points scoring streak on home soil.
NHRA finals at Bandimere: Robert Hight over John Force in Funny Car, J.R. Todd wins first Top Fuel race since 2008
Jul 21, 2014, 12:32 AM EDT
If you’re an NHRA Funny Car fan and weren’t able to attend in person, suffice to say it was a heck of a battle in Sunday’s finals of the Mopar Mile-High Nationals at Bandimere Speedway in suburban Denver.
Todd Gilliland, 14, outdistances father David, grandfather Butch in first time they’ve all raced together
Jul 20, 2014, 10:48 PM EDT
Todd Gilliland has learned virtually everything he knows about racing from his father, Sprint Cup driver David Gilliland, and grandfather and dominating former west coast racer Butch Gilliland.
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