Indiana Code
Chapter 17.5. Motorsports Investment District
5-1-17.5-1. Legislative Findings

Sec. 1. The general assembly finds the following:
(1) Marion County and certain surrounding counties and municipalities located in those counties face unique and distinct challenges and opportunities related to the economic development issues associated with the maintenance of a world-class motorsports facility in the town of Speedway.
(2) A unique approach is required to ensure that such a motorsports facility can be maintained to allow these counties and municipalities to meet these challenges and opportunities.
(3) The powers and responsibilities provided to the Indiana motorsports commission created by this chapter and the Indiana finance authority are appropriate and necessary to carry out the public purposes of encouraging and fostering economic development in central Indiana and maintaining a world-class motorsports facility in the town of Speedway.
(4) Encouragement of economic development in central Indiana will:
(A) generate significant economic activity, a substantial part of which results from persons residing outside Indiana, which may attract new businesses and encourage existing businesses to remain or expand in central Indiana;
(B) promote central Indiana to residents outside Indiana, which may attract residents outside Indiana and new businesses to relocate to central Indiana;
(C) protect and increase state and local tax revenues; and
(D) encourage overall economic growth in central Indiana and in Indiana.
(5) Marion County faces unique challenges in the development of infrastructure and other facilities necessary to promote economic development as a result of its need to rely on sources of revenue other than property taxes, due to the large number of tax-exempt properties located in Marion County, because Indianapolis is the seat of state government and Marion County government, and because Marion County is home to multiple institutions of higher education and the site of numerous state and regional nonprofit corporations.
(6) Economic development benefits the health and welfare of the people of Indiana, is a public use and purpose for which public money may be spent, and is of public utility and benefit.
As added by P.L.233-2013, SEC.5.

Structure Indiana Code

Indiana Code

Title 5. State and Local Administration

Article 1. Bonds and Other Obligations

Chapter 17.5. Motorsports Investment District

5-1-17.5-1. Legislative Findings

5-1-17.5-2. "Admissions Fees"

5-1-17.5-3. Repealed

5-1-17.5-4. "Authority"

5-1-17.5-5. "Board"

5-1-17.5-6. "Bonds"

5-1-17.5-7. "Budget Agency"

5-1-17.5-8. "Budget Committee"

5-1-17.5-9. "Commission"

5-1-17.5-10. "Department"

5-1-17.5-11. "Motorsports Investment District"

5-1-17.5-12. "Person"

5-1-17.5-13. "Political Subdivision"

5-1-17.5-14. "Qualified Motorsports Facility"

5-1-17.5-15. Commission Established; Purpose

5-1-17.5-16. Board of Directors of the Commission

5-1-17.5-17. Powers of the Commission

5-1-17.5-18. Staff Support and Expenses; Employees

5-1-17.5-19. Surety Bonds of Directors

5-1-17.5-20. Personal Liability of Directors

5-1-17.5-21. Annual Audit

5-1-17.5-22. Annual Report

5-1-17.5-23. Director's Interest in Contracts or in Sale or Lease of Property Prohibited

5-1-17.5-24. Resolution by Commission Establishing a District; Public Hearing; Required Findings by Commission; Territory of District

5-1-17.5-25. Allocation of Amounts Appropriated to the Commission; Expiration Date of District

5-1-17.5-26. Filing of Informational Tax Returns by Certain Taxpayers; Guidelines

5-1-17.5-27. Submission to the Budget Agency of Resolution Establishing District

5-1-17.5-28. Budget Committee Review; Approval by Budget Agency; Required Findings Before Resolution May Be Approved

5-1-17.5-29. Information to Be Provided to Department of State Revenue

5-1-17.5-30. Motorsports Investment District Fund; Request for Appropriations; Use of Money in the Fund

5-1-17.5-30.5. Establishment of Motorsports Facility Fund; Deposits; Reversions; Requests for Appropriations

5-1-17.5-31. Powers of Indiana Finance Authority

5-1-17.5-32. Lease of Structures and Improvements; Requirements

5-1-17.5-33. Option to Renew Lease

5-1-17.5-34. Option to Purchase Leased Property; Conveyance of Property; Requirements

5-1-17.5-35. Authorization and Execution of Leases by Commission Board of Directors

5-1-17.5-36. Commission Approval of Financed Improvements; Liens and Security Interests; Transfer of Controlling Ownership Interest in Qualified Motorsports Facility; Credits Against Obligations of Owners

5-1-17.5-37. Issuance of Bonds; Terms and Conditions; Use of Bond Proceeds

5-1-17.5-38. Authority for Certain Actions by the Commission and the Indiana Finance Authority; Bonds as Legal Investments

5-1-17.5-39. Securing of Bonds; Trust Indenture; Validity of Pledge or Assignment

5-1-17.5-40. Action to Contest Validity of Bonds

5-1-17.5-41. Equal Opportunities in Procurement and Contracting

5-1-17.5-42. Income Tax Withholding; Department of State Revenue Guidelines

5-1-17.5-43. Office of Management and Budget Review