A Brickyard After Dark?
IMS lights among projects to be funded by recapture of $5M in taxes
The Indianapolis Motor Speedway is seeking a financial assist from the state, for the first time in its 100-year history.
A Senate committee will meet Thursday to discuss letting the Speedway keep up to $5 million in sales, income and corporate taxes generated on the IMS property. That's the same mechanism which helped build Bankers Life Fieldhouse, Lucas Oil Stadium and Victory Field.
Indianapolis Senator Michael Young, whose district includes Speedway, authored the bill. He emphasizes that unlike the Pacers, Colts and Indians, the Speedway would still be paying 93% of the cost of an estimated $70 million in improvements -- more if its tax collections fall short of the $5 million mark.
Young says the track asked for help because it's absorbing extra costs to come into compliance with the Americans With Disabilities Act.
The Speedway says the improvements would be geared to fans' experience at the track, including better parking access, high-definition video screens, and lights. Young says that could lead to the Brickyard 400 running at night, to cut down on the summer heat.