Speedway Gets Its Loan
The Indianapolis Motor Speedway has gotten the financial help it wanted from the state, and other motorsports businesses will share the wealth.
The state will loan the Speedway $5 million a year for 20 years to help it issue bonds for planned improvements at the 100-year-old track. Another $5 millionwill be available to other motorsports businesses. Representative Eric Turner (R-Cicero) says the state has a chance to turn its long motorsports heritage into a major economic development tool.
Senate Tax and Fiscal Policy Chairman Brandt Hershman (R-Buck Creek) calls the Speedway a "grande dame" which needs to modernize to keep up with competitors.
Opponents question a funding mechanism which lets the Speedway pay back the loan through the expected increase in tax collections at the track.