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Lilly reaches multiyear agreement to sponsor IMS race

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Indianapolis Motor Speedway announced Monday that Eli Lilly and Co. has signed a multiyear agreement to sponsor its annual NASCAR Nationwide Series race.

The race, which takes place the day before the annual NASCAR Brickyard 400 race at IMS, will be called the Lilly Diabetes 250.

Terms of the deal were not disclosed. This year’s race is scheduled for July 26 at 4:30 p.m. and will be broadcast by ESPN.

“This title sponsorship goes hand-in-hand with Lilly's mission of raising awareness about diabetes in Indiana and across the world,’ the Indianapolis-based company said in a prepared statement. “The event will serve as an ideal platform to support those affected by diabetes, as well as provide education about this rampant disease.”

Lilly also sponsored the Drive to Stop Diabetes 300 Nationwide race at Bristol Motor Speedway in Tennessee in March. It also sponsors Nationwide driver Ryan Reed, who has type 1 diabetes.


 

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  • Lilly
    iuhoosier: Could be because NovoNordisk is a big sponsor in IndyCar. Compettition can rule things out. And Charlie Kimball is a good young driver with type ! diabetes.
  • Interesting
    A local, well known company is sponsoring yet another NASCAR race. How many Indy Car races do they sponsor? Maybe they get more bang for their buck in the redneck series? Seems to me that the people at Lily are pretty smart.

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    1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

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    5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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