From the Indianapolis Star:
Gov. Mike Pence signed off Friday on a bill providing a $100 million financial package for upgrades at the iconic Indianapolis Motor Speedway.
...
“The Indianapolis Motor Speedway has contributed to the life of our state for more than a century, enhancing the global reputation of Indiana,” Pence said in a statement. “The legislation I signed today makes a state investment that will further economic development in the motorsports industry while also protecting the interests of Hoosier taxpayers.”
The Speedway assistance package, contained in House Enrolled Act 1544, will help the track pay for improved seating, better access for the disabled, new video boards and lights to potentially allow for night races.
After years of NASCAR fans complaining about searing heat during the midsummer Brickyard 400, IMS officials have said moving the Brickyard to the cooler evening hours could be an option in coming years.
The state will provide $5 million a year for 20 years to assist with payments on bonds handled by the Indiana Finance Authority, with the Speedway required to kick in $2 million a year.
A new motor-sports investment district will collect the growth in sales and income taxes at the track and at concessionaires that surround it, as well as through a new ticket tax, to repay the state for its contributions.
...
See the full article here:
http://www.indystar.com/apps/pbcs.dll/article?AID=2013305100060
