News Sections
New Bill Signed To Improve IMS
Updated May 11, 2013 7:48 AM
 Print    Archive    RSS

(INDIANAPOLIS) - Governor Mike Pence has signed into law the bill which helps Indiana businesses in the motorsports industry.

The bill creates a Motorsports Improvement Fund for loans for those businesses in the state including race tracks, race team owners, drivers and others. It also authorizes the Indiana Finance Authority to issue bonds to fund improvements at the Indianapolis Motor Speedway.

The bill provides 100-million dollars in taxpayer support over 20 years. The Speedway will get five-million dollars per year from taxes collected at IMS. The Speedway will also kick in an additional two-million dollars. If IMS cannot generate enough money to repay the loan, Hulman and Company, which owns the Speedway, will repay it.

In a prepared statement, Mark Miles, CEO of Hulman and Company, says they are gratified to have the support of Governor Pence and the Indiana General Assembly. He says the passing of the bill reflects their understanding of the Speedway's impact on the state's economy and its prospects for growth.

Some of the improvements at IMS being discussed include adding lights for night races, technological upgrades including new video boards and infrastructure improvements.

« Previous Article
Next Article »

 Print    Archive    RSS

Have a question or comment about a news story? Send it to

Advertise with 1340 AM WBIW
Find more about Weather in Bedford, IN
Advertise with 1340 AM WBIW

1340 AM WBIW, Bedford's Place To Talk. Serving Lawrence and surrounding counties since 1948!

© 2018 Ad-Venture Media, Inc. All Rights Reserved. and Listen Live Powered by HPC

Advertise  |  Careers  |  Contests  |  About  |  Feedback  |  Public File