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The Speedway has asked the Indiana General Assembly to help it pay off bonds that will finance $100 million in improvements to the track. Under Senate Bill 91, which earlier passed the Senate, the state would create a district, solely of Speedway property, to capture sales and income taxes generated in it, up to $5 million annually for 20 years.
Today, following a hearing on the measure in the budget-writing House Ways and Means Committee, Chairman Tim Brown, R-Crawfordsville, said the bill may be amended to let the state get back its money
in the event of a sale.“I think we’re going to look at some sort of financial interest,” Brown said, describing it as “kind of like a lien on a mortgage
.”“The bottom line is that by doing this bill it increases the asset value of the motorsports Speedway,” Brown said.
J. Douglas Boles, a spokesman for the Indianapolis Motor Speedway, said there have been discussions about a claw-back provision, but it wasn’t determined yet what that would look like.
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Brown said the committee will meet again to debate amendments to the bill and take a vote. It then goes to the full House for consideration.
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