A bill that would enable the Indiana Motor Speedway to issue up to $100 million of bonds backed by a new pledge of state taxes is set for debate Thursday.
The IMS hosts NASCAR and the Indianapolis 500. Sen. Michael Young, R-Indianapolis, on Monday introduced a bill that would create a sports district around the speedway that would capture a piece of stated sales, income and corporate taxes for the next 20 years.
The district would be called the Indiana Motorsports Investment District. The state operates similar districts for Lucas Oil Stadium, where the National Football League’s Colts play. The Senate Appropriations Committee will consider the bill Thursday.
The speedway would use the money to upgrade its 103-year-old facility and other projects that are expected to carry a price tag of between $70 million to $100 million. The taxes would generate up to $5 million annually for debt service, according to reports. The IMS would contribute another $2 million.
“It is clear motorsports plays an important role in the success of the Indiana economy, and there is no place in the world better identified with our industry than the Indianapolis Motor Speedway,” Tom Weisenbach, director of the Indiana Motorsports Association, said in a statement.