Senate approves money for IMS

Senate OKs Indianapolis Motor Speedway funding plan providing up to $100 million in state funding toward improvements at the Indianapolis Motor Speedway has won approval from the Indiana Senate.

Senators voted 37-12 Tuesday in favor of the proposal, sending it to the House for consideration.

The bill would create a motorsports investment district to collect existing state sales and income taxes generated from the track. The plan would tap up to $5 million a year in taxes to pay off bonds over a 20-year period, with the speedway paying about $2 million a year.

Bill sponsor Sen. Mike Young said he believes improvements at the track will help the state in the long term by attracting more fans. Possible projects include building and grandstand improvements, better access for disabled people, new video boards and lighting for possible night races. IBJ.com