The Indianapolis Motor Speedway could get $100 million in state assistance for planned improvements under a plan approved by Indiana legislators. The plan that received final approval late Friday will direct growth in sales and income tax collections from the track and a new ticket fee toward paying off a potential $100 million loan over 20 years. The speedway would be required to pay $2 million each year for the loan.
Possible projects include building and grandstand improvements, better access for disabled people, new video boards and lighting for possible night races. Supporters say the plan is an investment in an icon that draws worldwide attention to Indiana. The legislation now goes to the governor.
The Speedway which is owned by Terre Haute’s Hulman Family, have never received any state aid before.
Many point to taxpayer funded improvements for the Pacers and Colts as justification for taxpayer support for the track.