IBJNews

Speedway state funding plan approved by lawmakers

Back to TopCommentsE-mailPrintBookmark and Share

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.

Supporters say the plan is an investment in an icon that draws worldwide attention to Indiana.

Possible projects include building and grandstand improvements, better access for disabled people, new video boards and lighting for possible night races.

Both the House and the Senate voted in favor of the plan in the final hours of this year's legislative session.

ADVERTISEMENT

  • Let's Have a Tea Party
    Well first it would be great if you could deal in fact and not whimsy. First, this is not a 'prop-up' of a private organization. Second, perhaps those who took a close look and passed this resolution actually understand the half-billion dollar in verifiable economic impact IMS brings to the state, and what the impact could be with a little work (and what the state might be without it). Third, this is essentially a loan that is guaranteed. Fourth, how could you, a stranger, possibly ever know how I feel about TARP, and why would you even lump that in with this? Compare apples to apples and shelve the generalizations.
  • Note for Disciple
    The use of tax dollars to prop-up a multi-million dollar operation that has nothing to do with State Government is wrong, no matter how you personally view this joke of a decision. I am sure you also thought that the Federal TARP Bailout of Wall Street was acceptable.
  • The End Of The World Is Near!
    Those weighing in on this topic tend to fall into two catgories: 1) Those who actually understand the issue referenced in the story and weigh in with an intelligent opinion, and 2) Those who routinely fail to allow their ignorance, hostility or prejudices from subjectively generalizing in a mostly incoherent fashion in comment sections. I would suggest a couple of things for the latter: A) Look up words you spout in the dictionary and ask yourself whether words like 'tyranny' are applicable here, and B) Study the economic impact IMS brings to the state of Indiana every year and try to imagine the state without such economic impact. I know that would require thought, but it's worth a shot.
  • TYRANNY BY ANY NAME
    Is it not GOVERNMENTAL TYRANNY to forcibly take taxpayers money in order to provide benefits for a private enterprise? I submit that it is, and that such governmental theft is unconstitutional on it's face. Every legislator who voted for this should be impeached and removed from public office forthwith.

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Great article and post scripts by Mike L (Great addition to IBJ BTW). Bobby's stubborn as a mule, and doubt if he ever comes back to IU. But the love he would receive would be enormous. Hope he shows some time, but not counting on it.

  2. When the Indiana GOP was going around the State selling the Voucher bill they were promising people that the vouchers would only be for public charter schools. They lied. As usual.

  3. I am Mr. Morris Ray, a Legitimate And a Reputable money Lender. We lend funds out to individuals in need of financial assistance, we give loan to people that have a bad credit or in need of money to pay bills, to invest on business. Have you been looking for loan? you have not to worry, because you are in the right place i offer loan at low interest rate of 2% so if you are in need of a loan i want you to just contact me via this email Address: morris_ray123@outlook.com

  4. Jim, your "misleading" numbers comment is spot on. This is the spin these posers are putting on it. News flash, fans: these guys lie. They are not publicly traded so no one holds them accountable for anything they say. The TV numbers are so miniscule to begin with any "increase" produces double digit "growth" numbers. It's ridiculous to think that anything these guys have done has awakened the marketplace. What have they done? Consolidate the season so they run more races on consecutive weekends? And this creates "momentum." Is that the same momentum you enjoy when you don't race between August and March? Keep in mind that you are running teams who barely make ends meet ragged over the summer to accomplish this brilliant strategy of avoiding the NFL while you run your season finale at midnight on the East Coast. But I should not obfuscate my own point: any "ratings increase" is exactly what Jim points to - the increased availability of NBC Sports in households. Look fans, I love the sport to but these posers are running it off a cliff. Miles wants to declare victory and then run for Mayor. I could go on and on but bottom line for God's sake don't believe a word they say. Note to Anthony - try doing just a little research instead of reporting what these pretenders say and then offering an "opinion" no more informed than the average fan.

  5. If he's finally planning to do the right thing and resign, why not do it before the election? Waiting until after means what - s special election at tax payer expense? Appointment (by whom?) thus robbing the voters of their chance to choose? Does he accrue some additional financial advantage to waiting, like extra pension payments? What's in it for him? That's the question that needs to be asked.

ADVERTISEMENT