Sec. 24. (a) The commission may, after a public hearing, adopt a resolution establishing a motorsports investment district. Notice of the public hearing must be provided in accordance with IC 5-3-1.

     (b) In establishing the motorsports investment district, the commission must make the following findings:

Terms Used In Indiana Code 5-1-17.5-24

  • commission: refers to the Indiana motorsports commission created by this chapter. See Indiana Code 5-1-17.5-9
  • motorsports investment district: means the geographic area established as a motorsports investment district under this chapter. See Indiana Code 5-1-17.5-11
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • qualified motorsports facility: means a facility that:

    Indiana Code 5-1-17.5-14

(1) There are improvements that will be undertaken in the motorsports investment district that will have a positive effect on the activities of a qualified motorsports facility.

(2) The improvements that will be undertaken in the motorsports investment district will benefit the public health and welfare and will be of public utility and benefit.

(3) The improvements that will be undertaken in the motorsports investment district will protect or increase state and local tax bases and tax revenues.

     (c) A motorsports investment district consists of:

(1) the geographic area that is included within the qualified motorsports facility;

(2) adjacent property that is:

(A) related to the operation of the qualified motorsports facility; and

(B) owned by the owner of the qualified motorsports facility or a subsidiary or affiliate of the qualified motorsports facility;

(3) property on which activities related to the qualified motorsports facility occur; and

(4) other public property specified by the commission;

as determined in the resolution adopted by the commission.

As added by P.L.233-2013, SEC.5.

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