Pence signs bill approving $100 million for IMS

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Governor Mike Pence has signed legislation that will finance improvements at the Indianapolis Motor Speedway.

The bill authorizes the Indiana Finance Authority to issue $100 million in bonds to fund improvements at IMS and create a Motorsports Improvement Fund for loans to businesses in the motorsports industry across the state.

"The Indianapolis Motor Speedway has contributed to the life of our state for more than a century, enhancing the global reputation of Indiana," said Pence. "The legislation I signed today makes a state investment that will further economic development in the motorsports industry while also protecting the interests of Hoosier taxpayers."

Improvements to the Speedway will include lighting to allow night racing, grandstand renovations, high-tech video boards and other facility upgrades.

The bonds will be paid back over 20 years with a special taxing zone at IMS providing $5 million a year. The Speedway will also pay $2 million annually.

The Motorsports Improvement Fund will provide revolving loans to race tracks, race team owners, drivers, motorsports suppliers and other qualified businesses in the racing industry in Indiana.