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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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  4. The question is, where could they build a new stadium? It seems in the past year, all the prime spots have been spoken for with potential projects. Maybe in the industrial wasteland area a block past Lucas Oil? I think it needs to be close to the core, if a new stadium is built.

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