INDIANAPOLIS (AP) - 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 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."
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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.
Mark D. Miles, the CEO of Hulman and Company, released the following statement Friday evening after Pence signed the bill:
"We're gratified to have the support of Governor Pence and the General Assembly. The success of this legislation reflects their broad understanding of the Indianapolis Motor Speedway, its impact on the state's economy and our prospects for growth. The company is committed to doing everything possible to produce a return for taxpayers. We've been humbled by the overwhelming enthusiasm we've received from Hoosiers as we've gone through the legislative process."
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