Gov. Mike Pence last week signed into law a measure that will allow the Indiana Motor Speedway to issue $100 million of bonds backed by a new state credit.

Pence originally said he had concerns about the bill, but signed it last Friday after saying the finance plan will "further economic development in the motorsports industry while also protecting the interests of Hoosier taxpayers."

The new law creates a sports district around the speedway, host of NASCAR and the Indianapolis 500, which would capture a piece of state sales, income and corporate taxes to pay off 20-year bonds floated for capital improvements to the complex.

The legislation allows the Indiana Economic Development Corp. to create a fund for motorsports businesses to apply for loans for improvements.

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