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.
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