Dec 10, 2013, 6:00 PM EDT
Preliminary plans from Hulman & Co. to invest state funds into upgrades for the Indianapolis Motor Speedway have been approved by the Indiana Motorsports Commission. The ambitious plans focus on three areas: track modifications, fan experience and technology.
In regards to the track, upgrades identified include the installation of an apron for use in the Speedway’s NASCAR events such as the Brickyard 400 (something that Hulman CEO Mark Miles foreshadowed last week in Las Vegas). According to the Speedway, the apron will cost less than $1 million.
Also identified were the refurbishing of catch fencing and the recently-completed repaving and reconfiguration of IMS’ road course in advance of the inaugural Grand Prix of Indianapolis in May of 2014.
Noticeable was the lack of a lighting system around the 2.5-mile oval, which was initially seen as a possibility for the track due to the hot Indiana summers that Brickyard 400 fans must endure annually.
However, the Speedway said in a release that “economic studies showed this $20-million investment did not provide the best return for taxpayers.”
For fan experience, the Speedway has listed many improvements such as more comfortable seating, a bigger number of elevators for better grandstand access and suite renovations. Also on the agenda are a new scoring pylon and video screens, modernized restrooms, and more concession choices.
Technology-wise, the Speedway plans to have wireless access throughout the facility and “state-of-the-art data, video and audio availability” to go with that.
“We started with ideas for improvements that totaled hundreds of millions of dollars, and we’ve reduced our list to a list of potential projects with total spending of about $140 million,” Hulman president and chief administrative officer Jeff Belskus in a statement. “Now we have some difficult decisions ahead to pare the list further before we ask the commission for its approval.”
Additional improvements to IMS beyond the funds managed by the Commission will be included in a master plan that’s set to be released this coming spring.
Earlier this year, legislation was passed by the Indiana state government that created a motorsports investment district around IMS that will help fund the upgrades by collecting sales and income taxes on the property.
The same legislation also created a fund for motorsport-based businesses in Indiana to apply for loans that can help improve their own facilities.
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