The Indiana General Assembly last week approved a bill that would allow the Indiana Motor Speedway to issue up to $100 million of bonds backed by a new state credit.

House Bill 1544 now awaits the signature of Gov. Mike Pence, who is expected to approve the measure.

The legislation creates a new 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.

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

"We appreciate the hard work done by state lawmakers to ensure Indiana remains the worldwide leader in motorsports," Jeff Belskus, Indianapolis Motor Speedway Corp. president and CEO said in a statement. "This legislation will allow us to make transformative improvements to our 104-year-old facility over the next several years that will greatly enhance the fan experience."

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