Speedway agencies approve gift bond issue for Dallara

A bond issue aimed at helping develop the racing industry in Speedway has won approval from town agencies. The Speedway Economic Development Commission this week approved a request for a $6.5 million bond to pay for the new Dallara building.

The Speedway Redevelopment Commission will guarantee the bond, which will be paid using future tax revenues from the Dallara project, said Scott Harris, the commission's executive director.

State funding for the project may be available in the form of federal disaster relief aid allocated to Marion County after flooding a few years ago, Harris said.

The 100,000-square-foot plant at 1201 Main St. will house the Italian race-car maker's IndyCar chassis manufacturing facility and the Indy Racing Experience, its U.S. distributor. Indy Star