From the Indianapolis Business Journal:
Indianapolis Motor Speedway’s request for a special taxing district to help update the storied venue is such a slam dunk that it barely merits an editorial.
At least three solid reasons justify the trek by IMS officials to the Statehouse to seek legislation enabling IMS to capture as much as $5 million a year from state taxes to help fund a sweeping modernization.
• The sprawling facility needs extensive renovation and improvement, possibly more than IMS officials want to admit.
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• The Indianapolis Motor Speedway, perhaps more than anything else, is the city’s identity. In spite of hosting the Super Bowl, numerous NCAA Final Fours and quality professional sports teams, Indianapolis still is known for the track.
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• This is the first time IMS has asked for a public handout.
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Yes, IMS should have invested more on improvements all along to avoid digging itself into this hole. But it’s under new management now, and offering a boost in a time of need isn’t too much to ask.
The outrage over the seemingly endless line of businesses marching to the doors of government demanding handouts is understandable. But many of those have little or no track record on which to base their requests.
The Indianapolis Motor Speedway has good will to spare. If any business can justify asking for help, it’s the IMS. With safeguards built in to protect the public, creating a taxing district to help the iconic venue should get the green flag.•
See the full article here:
http://www.ibj.com/article?articleId=39642
