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Speedway state funding plan approved by lawmakers

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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.

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  • 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.

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  1. President Obama has referred to the ACA as "Obamacare" any number of times; one thing it is not, if you don't qualify for a subsidy, is "affordable".

  2. One important correction, Indiana does not have an ag-gag law, it was soundly defeated, or at least changed. It was stripped of everything to do with undercover pictures and video on farms. There is NO WAY on earth that ag gag laws will survive a constitutional challenge. None. Period. Also, the reason they are trying to keep you out, isn't so we don't show the blatant abuse like slamming pigs heads into the ground, it's show we don't show you the legal stuf... the anal electroctions, the cutting off of genitals without anesthesia, the tail docking, the cutting off of beaks, the baby male chicks getting thrown alive into a grinder, the deplorable conditions, downed animals, animals sitting in their own excrement, the throat slitting, the bolt guns. It is all deplorable behavior that doesn't belong in a civilized society. The meat, dairy and egg industries are running scared right now, which is why they are trying to pass these ridiculous laws. What a losing battle.

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