Sunday, March 9 2014 8:35 PM EDT2014-03-10 00:35:58 GMT
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INDIANAPOLIS (AP) -- The Indianapolis Motor Speedway could receive public funding for up to $100 million in improvements.
Republican state Sen. Michael Young of Indianapolis is expected to introduce a bill Monday creating a "motor sports investment district" to collect existing state sales, income and corporate taxes for investment at the track. About $5 million a year from tax collections would go toward paying off bonds. The speedway would contribute about $2 million a year.
Track officials say improvements would include new video boards, better lighting and more modern grandstands at a cost of $70 million to $100 million. The legislation's backers say the project would improve the local economy and attract more fans to the speedway.
IMS officials say they began discussing possible state assistance with lawmakers about 18 months ago.