INDIANAPOLIS - Gov. Mike Pence has signed a bill to give the Indianapolis Motor Speedway a boost of taxpayer money.
The bill approves loaning IMS $100 million over the next 20 years from income taxes already being collected in the Speedway area.
"The Indianapolis Motor Speedway has contributed to the life of our state for more than a century, enhancing the global reputation of Indiana," Pence said in a news release. "The legislation I signed today makes a state investment that will further economic development in the motorsports industry while also protecting the interests of Hoosier taxpayers."
The IMS will contribute $2 million a year alongside the $5 million a year from the state. They believe they'll get enough extra revenue to pay back the loan. If not, the Hulman Company has guaranteed to repay it.
"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," Mark Miles, CEO of Hulman & Company, said in a statement.
IMS officials have discussed a number of possible upgrades at the 104-year-old landmark, from lights that would enable night races, to replacing benches with backed seats and adding video boards.
The proposed improvements will take a while. Fans shouldn't expect to see most until the 2015 racing season.
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