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Pence signs $100 million Speedway funding bill

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Indiana Gov. Mike Pence has signed a bill that will provide a $100 million state loan to the Indianapolis Motor Speedway for planned improvements.

Pence had earlier expressed concerns about the funding plan for the home of IndyCar's Indianapolis 500 and NASCAR's Brickyard 400. But after signing the measure Friday, he said in a prepared statement that the Speedway loan is a state investment that "will further economic development in the motorsports industry while also protecting the interests of Hoosier taxpayers."

He also said the Speedway has contributed to Indiana's economy for more than a century and has enhanced the state's "global reputation."

The law will direct growth in sales and income tax collections from the track and a new ticket fee toward paying off the loan over 20 years.

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  • Racing under lights
    The banks turned the George family down on their loan application because it was a bad business decision but the state of Indiana says they'll loan them the money. Didn't think people liked the government getting involved with private companies? I'm confused again.
  • Sad Day
    It is a sad day indeed when a proud old independent institution voluntarily puts itself under the thumb of government control. I'll bet Tony is spinning in his grave.
  • The Right Move
    First of all, who can argue that this is a good move to make a good facility / events even better. Does anyone know if the loan come from the state coffers or is it underwritten by a bank? Also, do the loan proceeds go to IMS immediately or over time?
  • Can Think, But Not Type
    The word 'now' in the post below should be 'not.'
  • Thoughts From Someone With An Ability To Actually Think
    This loan is a great way to bolster the half a billion dollars the state of Indiana already generates as a direct result of the activities at the big track. What would the state be without such creative spending? Pretty much Detroit. Why not mosey on up there and see how y'all like it? Congratulations to the governor for now kowtowing to fringe nuts.
  • State BAILOUT
    Pence is a JOKE and must be recalled. The state financing one of the richest families in Indiana???? Even Obama wouldnt do that! Recall Recall Recall
  • Ciao
    Sollozzo: Bene, Don Corleone. I need a man who has powerful friends. I need a million dollars in cash. I need, Don Corleone, all of those politicians that you carry around in your pocket, like so many nickels and dimes. Don Corleone: What is the interest for my family? Sollozzo: Thirty percent. In the first year your end should be three, four million dollars. And then it would go up...

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