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State Money For The Speedway?


The Indianapolis Motor Speedway could receive public funding for up to $100 million in improvements under legislation that's expected to be introduced today in the Indiana General Assembly.

Republican state Sen. Michael Young of Indianapolis is expected to introduce the bill that would create a special district to collect existing taxes from the surrounding area for investment at the track.

Track officials say improvements would include new video boards, better lighting and more modern grandstands at a cost of up to $100 million.

IMS offcials say that this is a way to make the Speedway more competitive in the sports and entertainment world.

The speedway has not asked for public subsidies before, though the Indianapolis Colts and Indiana Pacers have received substantial government financing for new stadiums.

Speedway officials said other U.S. racetracks have received public funding, including Texas Motor Speedway, which is getting more than $100 million.