IMS supports funding initiative

INDIANAPOLIS (WISH) - The Indianapolis Motor Speedway Corporation announced Friday its support for a motorsports legislative initiative.

The proposed legislation in the Indiana General Assembly pushes to strengthen Indiana’s position as the Racing Capital of the World and making opportunities for tourism, hospitality and motorsport industries, according to a release.

The legislation will be introduced on Feb. 11. This will create an Indiana Motorsports Investment District to bring in state sales, income and corporate taxes at locations like the IMS.

In recent years, the funding of new racing facilities has been publicly financed.

Projects that could be implemented would include lights for night events, structural renovations to stands, and seating and restroom upgrades.

The legislative proposal says at least $70 million in capital improvement would be made at the IMS with funding from a new Indiana Motorsports Investment District and IMS investments.

IMS officials say this would not financially impact the local school funding formula.