Governor Pence Signs Bill Allowing Funding Aid for IMS
Bill also allows other motorsports businesses to receive loans
Governor Mike Pence has signed into law the bill which helps Indiana businesses in the motorsports industry.
The bill creates a Motorsports Improvement Fund for loans for those businesses in the state including race tracks, race team owners, drivers and others. It also authorizes the Indiana Finance Authority to issue bonds to fund improvements at the Indianapolis Motor Speedway.
The bill provides $100 million in taxpayer support over 20 years. The Speedway will get $5 million per year from taxes collected at IMS. The Speedway will also kick in an additional $2 million dollars. If IMS cannot generate enough money to repay the loan, Hulman and Company, which owns the Speedway, will repay it.
"We're gratified to have the support of Governor Pence and the General Assembly," Hulman & Co. CEO Mark Miles says. "The success of this legislation reflects their broad understanding of the Indianapolis Motor Speedway, its impact on the state's economy and our prospects for growth. The company is committed to doing everything possible to produce a return for taxpayers. We've been humbled by the overwhelming enthusiasm we've received from Hoosiers as we've gone through the legislative process."
Some of the improvements at IMS being discussed include adding lights for night races, technological upgrades including new video boards and infrastructure improvements.