The Indianapolis Motor Speedway is seeking aid from the state as part of a plan to fund up to $100 million in improvements at the famed racetrack. 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. Indystar.com was first to report the plan on Friday night. IMS plans to upgrade its infrastructure with changes including new video boards, better lighting and more modern grandstands, IMS officials said.
Plans call for spending $70 million to $100 million. “It’s really about keeping this iconic facility competitive in the sports and entertainment world,” said Jeff Belskus, IMS CEO and president. Officials say they want to make the speedway more flexible, perhaps for different types of events down the line. The lighting, for example, would make it possible for some races to run at night. NASCAR fans have complained about searing heat during the mid-summer Brickyard 400, set for July 28 this year. Asked if the IMS would move the Brickyard to the cooler evening hours if the money went through, spokesman Doug Boles said, “There could be a chance.”
The proposal could also help address a looming cost for the IMS. Under a deal announced last month with federal authorities, the IMS is required to spend millions of dollars on renovations to make its facilities more accessible for disabled patrons within the next 30 months. (Indianapolis Star & IMS PR)
