Indianapolis Motor Speedway is seeking aid from the state of Indiana in order to fund $100 million for improvements at the 2.5 mile track.
As the Indianapolis Star reports:
The plan would create a “motor sports investment district” to collect existing state sales, income and corporate taxes generated in an area that includes the IMS to help pay for the improvements, IMS officials said. The collected taxes would raise up to $5 million a year that the state would contribute to help pay off bonds for the improvements over a 20-year period, while the IMS would put up $2 million each year.
Legislation to enact the plan will be unveiled Monday by Sen. Michael Young, R-Indianapolis. Approval by the General Assembly would be required before it could become law.
IMS plans to upgrade its current infrastructure and install new video boards, track lighting and modern grandstands. The total cost for the plan ranges from $70 million to $100 million. IMS also must renovate the track making it more...