IMSC Receives Legislative Approval of Motorsports Initiative - Engine Builder Magazine

IMSC Receives Legislative Approval of Motorsports Initiative

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.

 

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.

 

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.

You May Also Like

NMRA/NMCA Announce Augustine Herrera as National Tech Director

ProMedia Events and Publishing, the parent company of the Holley NMRA Ford Nationals and NMCA Muscle Car Nationals, has announced Augustine Herrera as the new NMRA/NMCA National Tech Director. His duties include overseeing fair competition in both drag racing series and leading the on-site tech staff at all national events.  “Augustine joined our team in

ProMedia Events and Publishing, the parent company of the Holley NMRA Ford Nationals and NMCA Muscle Car Nationals, has announced Augustine Herrera as the new NMRA/NMCA National Tech Director. His duties include overseeing fair competition in both drag racing series and leading the on-site tech staff at all national events. 

Shop Solutions November 2021

Check out these Shop Solutions from builders across the country!

Cam Center
Holley Classic Truck Battery Tray and Hold Down

Holley Classic Trucks can battery trays for 1981-1987 C/K Series trucks and Blazer/Jimmy/Suburban manufactured to precisely mimic the factory look with all of the original holes and contours. Related Articles – Rocker Arm Tech – Part 1 – Automotive Specialty-Equipment Retail Sales Reach New High – Rebuilders Choice Made from heavy-gauge steel and EDP coated

Holley Battery Tray
Rocker Arm Tech – Part 1

In this episode of Steve Tech, Steve Morris breaks down the fundamentals of rocker arms, rocker arm stands and valvetrain rocker arm geometry. Class is in session! Related Articles – The SCAT Story – Numbers Don’t Tell The Whole Story – Performance Rocker Arms

Automotive Specialty-Equipment Retail Sales Reach New High

Despite what occurred throughout 2020, the specialty-equipment industry showed resilience with industry retail sales climbing from $46.2 billion to a new high of $47.89 billion in the U.S., according to the new 2021 SEMA Market Report. Related Articles – Future of Engine Building: Converting the Masses – Future of Engine Building: The Road Ahead for

Other Posts
COMP Performance Group Announces Plans for 2013 Power Tour

The Power Tour is considered one of the biggest and best road trips in the nation for performance enthusiasts. A variety of special events are scheduled throughout the week, including a highly anticipated cruise night in downtown Memphis (home of CPG) on the Tuesday, June 4. Related Articles – New AETC Website Debuts – PRW

New AETC Website Debuts

Each year AETCbrings together engine builders, racers, engineers and media members from around the world to exchange information on the day’s most popular engine-building topics. In an effort to make information about the conference even more accessible, AETChas recently launched an updated, easy-to-navigate website. Related Articles – Tom Marx Will Present Power Branding for PERA

PRW Opens New Corporate Office and Warehouse Distribution Center

The PRW warehouse distribution center and corporate headquarters in now located in Perris, California. In addition to being designed to maximize storage and order shipping, the facility has an abundance of office space that houses the sales, management and support teams, an employee break room, conference rooms, and a larger engineering and product development department.

Melling, Dura-Bond Consolidate Sales and Marketing Efforts

Charles Barnett, vice president of sales and marketing at Dura-Bond Bearing Co., will be heading up the consoliated efforts between Dura-Bond and Melling. Barnett has been a long-term employee at the company as president prior to the Melling purchase several years ago. He also had a career with ACDelco/General Motors and previously served as general sales