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
MotoAmerica
 
MotoAmerica Coming to IMS for Red Bull Indianapolis GP Weekend
MotoAmerica, the premier U.S.-based motorcycle road racing series, will race at the Indianapolis Motor Speedway as part of Red Bull Indianapolis GP weekend, Aug. 7-9.
Read More
Jorge Lorenzo
 
Cycle World Interview: Jorge Lorenzo
Yamaha MotoGP rider Jorge Lorenzo has one goal in mind: winning his third MotoGP title and writing his name in the MotoGP history book as the man who beat the three strongest riders of the last 20 years—Valentino Rossi, Casey Stoner, and Marc Marquez. Halfway through the 2015 season, the hunt for the MotoGP title is between the two Yamaha riders, Lorenzo and Rossi.
Read More
Sebastien Bourdais
 
Monday Racing Roundup: Bourdais Wins at Milwaukee
Sebastien Bourdais is "The Big Cheese" of Greater Milwaukee. At least that's what is written on the winner's trophy he lifted in Victory Circle following the 113th Indy car race at The Milwaukee Mile on Sunday.
Read More
Marc Marquez
 
Sachsenring Ready For Fireworks in MotoGP Title Battle
The 2015 German Grand Prix will be the 77th time that a GP has been held on German soil, with the legendary Sachsenring having been the venue since 1998. The 2.281-mile Saxony course first hosted the East German GP in 1961, but now it is due to play host to the latest chapter of the enthralling saga that is the 2015 MotoGP World Championship season.
Read More
Uber
 
Ride With Uber on the Fourth
Whether you’re rocking with The Rolling Stones at the Indianapolis Motor Speedway or have other plans on the Fourth of July, don’t worry about how you’re going to get home. Uber can get you there worry-free, hassle-free and safely.
Read More
Items 1 - 5 of 504
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
IMS photographer Chris Owens shares a few of his favorite photos from the #Brickyard400! http://t.co/L5M4ZKBGmd http://t.co/W8vE78ToOK
about 12 hours ago