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IMSC Receives Legislative Approval of Motorsports Initiative

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The Indiana General Assembly
has approved a bill that will strengthen the state’s position as a
global leader in the motorsports industry and create benefits for
economic development in tourism, hospitality and motorsports, including
upgrades and improvements at the Indianapolis Motor Speedway.

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House Bill 1544 passed the House and Senate on April 26 and is now on
its way to the desk of Gov. Mike Pence. The legislation creates an
Indiana Motorsports Investment District that will capture growth in
sales and income taxes at the commercial property that includes IMS for
future investment in the Speedway. In addition, the Indiana Economic
Development Corp. (IEDC) will oversee a fund for motorsports businesses
statewide to apply for loans to assist with economic development
projects and facility improvements.

 

"We appreciate the hard work done by state lawmakers to ensure Indiana
remains the worldwide leader in motorsports," said Jeff Belskus,
Indianapolis Motor Speedway Corp. president and CEO. "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."

 

Per the legislation, IMS will receive a loan from the state for up to $5
million per year for 20 years, to complete capital improvement
projects. The loan will be repaid through the anticipated increases in
income and sales tax collections at IMS and will be guaranteed by IMS’
parent company, Hulman & Co. In addition, IMS will contribute $2
million per year, $40 million total, over 20 years toward the
improvements.

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The legislation also creates an Indiana motorsports fund where the state
will provide up to an additional $5 million per year to the IEDC for
loans to motorsports businesses and tracks interested in making
improvements to their facilities.

 

"The impact of motorsports in Indiana is felt in all 92 counties, and
this industry provides 23,000 direct jobs statewide that pay an average
wage of nearly $63,000 per year," said Tom Weisenbach, Indiana
Motorsports Association executive director. "Our state lawmakers
understand the significant economic impact of our industry, and we
greatly appreciate their support as we look to grow our state’s
economy."

 

Projects that could be implemented by IMS as a result of this
legislation will be determined in part through a master facility use
plan process that is underway at IMS.

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