Senate passes bill to give tax money to Indianapolis Motor Speedway for improvements

By Jesselyn Bickley
TheStatehouseFile.com

INDIANAPOLIS – The Indiana Senate passed a bill Tuesday that will allow the Indianapolis Motor Speedway to make renovations designed to boost attendance and revenue at one of the world’ s most famous sports venues.

Sen. Mike Young, R-Indianapolis, listens to Sen. Jim Smith, R-Charlestown, after the Senate passed Young's bill to help the Indianapolis Motor Speedway pay for impovements to the track. Photo by Lesley Weidenbener, TheStatehouseFile.com

Sen. Mike Young, R-Indianapolis, listens to Sen. Jim Smith, R-Charlestown, after the Senate passed Young’s bill to help the Indianapolis Motor Speedway pay for impovements to the track. Photo by Lesley Weidenbener, TheStatehouseFile.com

Sen. Mike Young, R-Indianapolis, said the bill is not a bailout.

The Speedway is not in trouble, he added.

But the venue – home of the Indy 500 and the Brickyard 400 – is seeking to do $100 million in improvements and needs help to do it. The project is in part meant to make the venue more accessible to people with disabilities, a mandate from the federal government.

“That is a very, very big venture,” Young said.

The IMS also wants to add lights so races can be help at night, improve the scoreboard, renovate buildings and improving seating. The track opened in 1909 and its competitors have modernized more quickly.

The IMS knows “fans expect more when they go to professional sporting events today,” Young said.

Senate Bill 91 would create a special district that captures taxes paid at the track and its golf course and makes the money available to the Speedway for the project. The bill assumes the track would sell $100 million in bonds and pay them off over 20 years, using about $5 million in revenue captured from the zone.

Young said the project is appropriate because the state is requiring the track to put some of its own money in the project. In addition, the track is responsible if the taxes don’t generate enough cash to cover the bond payments.

Also, Young said the IMS provides thousands of jobs to the state and millions of dollars in economic value. “By creating this partnership, we can capitalize on this asset and cultivate a positive return on investment for Indiana,” Young said.

The bill passed 37-12.

Jesse Bickley is a reporter for TheStatehouseFile.com, a news website powered by Franklin College journalism students.

 

Print Friendly

Share This Post



3 Responses to Senate passes bill to give tax money to Indianapolis Motor Speedway for improvements

  1. You should generously massage your head with this oil at night for flaunting a high quality
    curls next day. Amla is used in the preparation of a highly effective natural shampoo by mixing 100 g each of amla, nuts and Shikakai soap in
    two quarts of water, the mixture is boiled for half an
    hour to simmer and then can be used as shampoo for one month
    for all hair treatment throughout the year. Black hair has a
    distinctive composition that makes it sensitive to breakage.
    Ideally, prepare the day before dilution and in the evening,
    put the mixture in the palm of your hand and apply and hold your hair and scalp.
    Low self-esteem, hair fall, itching in scalp and facial skin infections are common side effects due to dandruff problems.

  2. The product, according to the brand, can be applied throughout the day
    on dry hair if one’s hair is medium to very coarse. As natural products don’t have any
    side-effects, you can rest assured for healthy hair.

    Generally, these products are more expensive than their watered-down counterparts, but
    you can find a few affordable pure silicone hair products
    (see below).

  3. Terrific defeat! I’m going to beginner although you fix your web blog, how could i sign up to to get a weblog web page? The particular consideration helped me a correct package. We ended up touch comfortable of your the transmit provided bright obvious thought

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>