Indiana News

Speedway Gets Its Loan

4/27/2013

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.

·
Like

Copyright by WIBC.com © 2012. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


WIBC News Traffic Hotline

If you see a news story or traffic tie-up, let us know!

Call:  317.637.6397

Email:  news@wibc.com

Send photos:   pictures@wibc.com

Search WIBC.com

Garrison Chicks Abdul At Large Abdul At Large