Indianapolis Speedway state funding plan advances
INDIANAPOLIS (AP) — A plan to provide public funding for up to $100 million in improvements at the Indianapolis Motor Speedway is advancing in the state Legislature.
The Senate Appropriations Committee voted 11-0 Thursday to approve creating a motor sports investment district to collect existing state sales, income and corporate taxes generated from the track and its surrounding property.
The plan would tap $5 million a year from tax collections to pay off bonds over a 20-year period, with the speedway paying about $2 million a year.
Speedway CEO Jeff Belskus says the track is working on plans for projects that include building and grandstand improvements, better access for the disabled, new video boards and lighting for possible night races.
Senators praised the speedway as a global icon for Indiana.