Mark Miles, left, chief executive officer of Hulman & Co., the owner of the Indianapolis Motor Speedway, and lobbyst Doug Brown told lawmakers Thursday that the track has racing teams and other businesses to locate in the region. Photo by Lesley Weidenbener, TheStatehouseFile.com
INDIANAPOLIS – The Senate Appropriations Committee passed legislation Thursday to create a sports development zone that’s meant to raise money for improvements at the Indianapolis Motor Speedway.
The zone will capture state and local taxes paid at the track and its golf course and will make the money available to the Speedway for a $100 million project that will include the installation of lights, renovations of the grandstand and improved access for people with disabilities.
The Senate Appropriations Committee passed legislation Thursday to create a sports development zone that includes the Indianapolis Motor Speedway.
Brittany Muncy of TheStatehouseFile.com has the story.
Republican Sen. Mike Young of Indianapolis, the author of the bill, said he grew up close enough to the track to hear and smell the racing and even see the smoke billowing up from an accident in the fourth turn.
“People all over this world and the United States know about our state and our community because of the efforts, the good will and the good operation of the Indianapolis Motor Speedway,” he said.
Senate Appropriations Chairman Luke Kenley, R-Noblesville, said he believes that helping the Indianapolis Motor Speedway make improvements will benefit the state in the future. Photo by Lesley Weidenbener, TheStatehouseFile.com
The zone will shift about $5 million annually from the state’s main checking account to the track to help pay off a 20-year bond for the improvements.
Appropriations Chairman Luke Kenley of Noblesville said it’s a good deal for the state.
“This is an investment which will actually prove profitable to the state in terms of taxes collected based on the successes I expect the speedway to accomplish over the common years,” he said.
The bill – approved unanimously – now moves to the full Senate for consideration.
Lesley Weidenbener is managing editor of TheStatehouseFile.com, a news website powered by Franklin College journalism students.