Indiana Senate approves Indianapolis Motor Speedway bill
The effort to give the Indianapolis Motor Speedway millions of dollars in improvements has cleared a big hurdle.
The state Senate approved the plan in a 37-12 vote.
With $100 million in bonds, the Speedway will add lights to allow night racing at the historic track. It will also renovate the stands, upgrade facilities and install high-tech video boards.
The Speedway will spend at least $10 million to make the facility compliant with the American With Disabilities Act.
Last week, Hulman & Co. CEO Mark Miles and IMS President and CEO Jeff Belskus went to the Statehouse to ask for financial help. The Speedway already spends $5 to $15 million annually on maintenance and is facing competitive pressure from newer facilities.
Lighting the track, as well as grandstands and parking lots, could cost as much as $20 million. Building renovations and track upgrades could cost as much as $30 million. Another $10 million would be spent to make the Speedway compliant with the Americans with Disabilities Act.
The money would be essentially taken out as a lump sum loan and paid back over 20 years. A special taxing zone at IMS would provide $5 million a year. Another $2 million annually would be paid by the Speedway.