The Indianapolis Motor Speedway Corporation announced Friday its support for proposed legislation in the Indiana General Assembly focused on strengthening the state’s position as the “Racing Capital of the World” and creating benefits for economic development in the tourism, hospitality and motorsports industries.
State Senator Michael Young (R-Speedway) was expected to introduce legislation Monday which will create an Indiana Motorsports Investment District that will capture state sales, income and corporate taxes at the commercial property that includes IMS for future investment in the Speedway.
“IMS is an enormous, 100-year-old facility. In addition to the many annual projects to maintain it, we need to make the Speedway more flexible, more modern and better positioned to attract more fans to IMS and Indiana,” said Jeff Belskus, Indianapolis Motor Speedway Corporation president and chief executive officer, said in a press release. “In addition to funding contributed by IMS, the Motorsports Investment District will use dollars generated at IMS to enable the fan experience at the Speedway to continue to be the most enjoyable in motorsport.”
According to the legislative proposal, at least $70 million in significant capital improvements would be made at IMS, using funding from a new Indiana Motorsports Investment District and investments made by the Indianapolis Motor Speedway. Potential projects that could be implemented by IMS because of this legislation include installing lights for night events at the 2.5-mile oval, the addition of high-definition video boards, LED scoring and information boards, technological upgrades designed for increased fan communication, structural renovations to stands, upgrades to seating and restrooms, and infrastructure improvements to parking, tunnels, gates and fan access points.
IMS officials indicated that the Motorsports Investment District as proposed would not financially impact the local school funding formula because it would not be funded through property tax collections.