Gov. Pence signs Indianapolis Motor Speedway Bill - Fox 28: South Bend, Elkhart IN News, Weather, Sports

Gov. Pence signs Indianapolis Motor Speedway Bill

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The following is a press release from the office of Governor Mike Pence.
( May 10, 2013 , Indianapolis)– Governor Mike Pence today signed House Enrolled Act 1544, authorizing the Indiana Finance Authority to issue bonds to fund improvements at the Indianapolis Motor Speedway and creating a Motorsports Improvement Fund for loans to industry businesses across the state.
 
"The Indianapolis Motor Speedway has contributed to the life of our state for more than a century, enhancing the global reputation of Indiana," said Pence. "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."
 
Approximately 23,000 people are directly employed in the state's motorsports industry with an average wage of $63,000. Thousands more are employed by motorsports-related companies that can be found in 91 of Indiana's 92 counties.
 
Under this legislation, a newly-created Indiana Motorsports Commission and the Indiana Finance Authority will work together to create a sound, commercially-viable investment. The legislation includes provisions to protect the state's investment, including a security interest in the Indianapolis Motor Speedway's assets, an annual $2 million investment by the Speedway annually throughout the life of the bonds, and a corporate guarantee of the debt.
 
The legislation also creates a Motorsports Improvement Fund that will provide revolving loans to motorsports businesses across Indiana, including race tracks, race team owners, drivers, motorsports suppliers, and other qualified businesses. The Indiana Economic Development Corporation will administer the fund and ensure it makes commercially sound loans that support the development of the motorsports industry in Indiana. 
 
"Our administration is committed to protect the state's investment and to further economic development in this industry throughout the state," said Pence. "I am grateful for the work of the members of the General Assembly on this legislation."
 
Representative Eric Turner (R) authored HEA 1544, and Representative Steve Braun (R) co-authored it. Senator Brandt Hershman sponsored the legislation.
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