Indiana § 5-1-17.5-1 Legislative findings

Indiana Statutes

§ 5-1-17.5-1 — Legislative findings

Indiana § 5-1-17.5-1

Title 5STATE AND LOCAL ADMINISTRATION

Art. 1BONDS AND OTHER OBLIGATIONS

Ch. 17.5Motorsports Investment District

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Bluebook

Ind. Code § 5-1-17.5-1 (2026).

Text

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

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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.