Photo: Tom Smith (flickr)
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.
If IMS cannot generate enough money to repay the loan, Hulman and Company, which owns the Speedway, will repay it. In a prepared statement, Mark Miles, CEO of Hulman and Company, says they are gratified to have the support of Governor Pence and the Indiana General Assembly.
He says the passing of the bill reflects their understanding of the Speedway‘s impact on the state‘s economy and its prospects for growth.
Some of the improvements at IMS being discussed include adding lights for night races, technological upgrades including new video boards and infrastructure improvements.