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Pence Signs More Bills Into Law

Gov Mike Pence
Gov Mike Pence

Gov. Mike Pence has signed a bill to give the Indianapolis Motor Speedway a $100 million loan over the next 20 years from income taxes already being collected in the Speedway area.

The IMS will contribute $2 million a year alongside the $5 million a year from the state.

They believe they'll get enough extra revenue to pay back the loan but if not then Hulman Company has guaranteed to repay it.

IMS officials have discussed a number of possible upgrades at the 104-year-old landmark, from lights that would enable night races, to replacing benches with backed seats and adding video boards.

Construction should show some results by the 2015 race season.