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
Ryan Hunter-Reay
 
Hunter-Reay Prepares For The Race of Champions
Hunter-Reay and Busch, Andretti Autosport teammates for the Indy 500 in May, will represent the U.S. in the Nations Cup competition.
Read More
Ryan Hunter-Reay
 
The Man Behind The Faces on Borg-Warner Trophy
So many winners have kept him company in his North Carolina studio because Behrends morphs one race champion to another from the same clay he’s been using since the beginning of the project.
Read More
Ryan Hunter-Reay with his son Ryden Hunter-Reay
 
Hunter-Reay's Likeness Unveiled on Borg-Warner Trophy
Ryan Hunter-Reay experienced one of the greatest spoils of victory for winning the 2014 Indianapolis 500 by seeing his likeness on the famed Borg-Warner Trophy during an unveiling ceremony today at the Indianapolis Motor Speedway Hall of Fame Museum.
Read More
Alexander Rossi
 
Rossi Shifts Focus To America
With F1 becoming a difficult place to secure a full-time ride, Rossi began actively pursuing IndyCar opportunities a few months ago and has been proactive throughout the process.
Read More
Ryan Hunter-Reay
 
Double Points On Tap Again For 2015 Indianapolis 500
Double points for the 99th Indianapolis 500 Mile Race and an elimination of the standing start for the 2015 Angie’s List Grand Prix of Indianapolis are among the sporting and technical regulations that comprise the 2015 Verizon IndyCar Series rulebook issued to teams.
Read More
Items 1 - 5 of 870
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 Phil Sparks at (317) 492-6463 or email at psparks@brickyard.com.
Latest Tweets
We couldn't do what we do without our awesome fans! We've highlighted some of the biggest fans of 2014… http://t.co/wTksQj6xNW
about 9 hours ago