News & Multimedia

IMSC Receives Legislative Approval Of Motorsports Initiative

The Indiana General Assembly approved a bill as the clocked approached midnight Friday, April 26 that will strengthen the state’s position as a global leader in the motorsports industry and create benefits for economic development in tourism, hospitality and motorsports, including upgrades and improvements at the Indianapolis Motor Speedway.

House Bill 1544 passed the House and Senate is on its way to the desk of Gov. Mike Pence. The legislation creates an Indiana Motorsports Investment District that will capture growth in sales and income taxes at the commercial property that includes IMS for future investment in the Speedway. In addition, the Indiana Economic Development Corporation (IEDC) will oversee a fund for motorsports businesses statewide to apply for loans to assist with economic development projects and facility improvements.

“We appreciate the hard work done by state lawmakers to ensure Indiana remains the worldwide leader in motorsports,” said Jeff Belskus, Indianapolis Motor Speedway Corporation president and chief executive officer. “This legislation will allow us to make transformative improvements to our 104-year-old facility over the next several years that will greatly enhance the fan experience.”

According to the legislation, IMS will receive a loan from the state for up to $5 million per year for 20 years to complete capital improvement projects. The loan will be repaid through the anticipated increases in income and sales tax collections at IMS and will be guaranteed by IMS’ parent company, Hulman & Co. In addition, IMS will contribute $2 million per year, $40 million total, over 20 years toward the improvements. The legislation also creates an Indiana motorsports fund where the state will provide up to an additional $5 million per year to the IEDC for loans to motorsports businesses and tracks interested in making improvements to their facilities.

“The impact of motorsports in Indiana is felt in all 92 counties, and this industry provides 23,000 direct jobs statewide that pay an average wage of nearly $63,000 per year,” said Tom Weisenbach, Indiana Motorsports Association executive director. “Our state lawmakers understand the significant economic impact of our industry, and we greatly appreciate their support as we look to grow our state’s economy.”

Projects that could be implemented by IMS as a result of this legislation will be determined in part through a master facility use plan process that is underway at IMS.
 

Show More Show Less
Now Viewing
IMSC Receives Legislative Approval Of Motorsports Initiative
 
IMSC Receives Legislative Approval Of Motorsports Initiative
The Indiana General Assembly approved a bill as the clocked approached midnight Friday, April 26 that will strengthen the state’s position as a global leader in the motorsports industry and create benefits for economic development in tourism, hospitality and motorsports, including upgrades and improvements at the Indianapolis Motor Speedway.
Read More
Related Media
Will Power
 
2016 Angie's List Grand Prix of Indianapolis to Take Green Flag May 14 at IMS
The third annual Angie’s List Grand Prix of Indianapolis is scheduled to run on Saturday, May 14, 2016, at the Indianapolis Motor Speedway.
Read More
IMS Track Conversion
 
From Road Course to Oval: Inside the Massive Transformation at IMS
As the Indianapolis Motor Speedway and the facility become so much more than just events on the oval, converting the track from one stage to another has become more and more routine for the men and women at the Indianapolis Motor Speedway. However, it is still a monumental task – one that takes hours of planning and coordination before the actual work even begins
Read More
Will Power
 
Monday Racing Roundup: Power Takes First Step Towards May Sweep at IMS
After earning the Verizon P1 Award with a track-record qualifying lap for the Angie's List Grand Prix of Indianapolis, Will Power was asked about the prospects of a Month of May sweep at Indianapolis Motor Speedway
Read More
Will Power
 
Power Unstoppable on a Green-Filled day on the IMS Road Course
Team Penske’s Will Power dominated the 82-lap Verizon IndyCar Series event after starting from pole position, and with the exception of a multi-car crash that slowed the action in the first corner on the opening lap, open-wheel fans were treated to 80 caution-free tours of the 2.4-mile road course.
Read More
Will Power
 
Power Wins 2015 Angie's List Grand Prix of Indianapolis
Driving the No. 1 Verizon Team Penske Chevrolet, Power steamed to victory in the 82-lap Angie's List Grand Prix of Indianapolis by 1.5023 seconds over Graham Rahal on the 2.439-mile, 14-turn Indianapolis Motor Speedway road course. Power's 25th career victory broke a tie with Bobby Rahal and Ralph DePalma for 16th on the all-time Indy car list and tied Gordon Johncock for 15th.
Read More
Items 1 - 5 of 257
Reserve one of our hospitality suites for your next event!
To start planning your event at the Indianapolis Motor Speedway please fill out our Information Request Form or contact Laura Wyamn at (317) 492-8557 or email at lwyman@brickyard.com.
Latest Tweets
Have you voted yet?? The #Indy500 was nominated as the 10Best Readers' Choice travel award contest! http://t.co/LmBQ9O9JQD
about 9 minutes ago