Frequently Asked Questions

(Click here to download the FAQ as a PDF document)


Why is there a need to redevelop Speedway?
Redevelopment is critically needed in Speedway to retain and create jobs, attract private sector investment, boost our year-round hospitality industry and provide more opportunity and a better quality of life for local residents.


Why redevelop now?
Speedway’s time to redevelop is now. Since the town’s growth has been stagnant for more than 30 years, improving the quality of life for residents and creating a positive environment for our businesses is important.

By beginning the redevelopment process now, Speedway can take advantage of decreased labor and acquisition costs, which in turn will help stimulate the economy. Due to the economic conditions, Speedway is positioned to take advantage of lower real estate, wage and material
costs. Speedway’s redevelopment projects also provide an opportunity to put people back to work.

Redevelopment will help position Speedway for its next 100 years. Future growth will be encouraged by redefining key traffic patterns and developing competitive commercial, industrial and residential space.


What do the redevelopment plans for Speedway include?
The total redevelopment plan includes 700 acres of multiuse property primed for office, retail, entertainment and residential development.

Redevelopment Area One is a 400 acre area adjacent to the Indianapolis Motor Speedway that will include a vibrant mixed-use development made possible through an estimated $500 million in private/public investment. Boundaries for the project include Main Street on the west, 16th Street on the north, 10th Street on the south and Olin Avenue on the east.

Redevelopment Area Two includes Crawfordsville Road, west of Lynhurst and includes High School Road. The SRC is still in the early planning and public involvement phase for Redevelopment Area Two.

Currently, the land that lies within Area Two has shown a lack of development, substandard building quality and a cessation of growth.

There are nearly 300 acres with 95 separate parcels of land in the area. New development is planned to include office, retail, restaurants and residential.


Who is the SRC?
The Speedway Redevelopment Commission consists of dedicated, volunteer citizens appointed by the Town Council. The SRC employs a full-time executive director, who is also a resident of Speedway. Using input from the entire community, the commission is charged with developing
plans to revitalize 700 acres, including Speedway’s Main Street.


How much will this cost?
Approximately $120 million of infrastructure will be funded by public investment, which will help attract an additional $400 million in private investment in Redevelopment Area One.


How will the public investment be generated?
The Town of Speedway has the financial strength necessary to make the investment through the creation of a Tax Increment Financing (TIF) district, which provides the town with a healthy revenue stream and credit.


How long will it take?
Work is underway and the SRC will make significant progress by 2011, when the Indianapolis Motor Speedway celebrates the 100th anniversary of the first 500 mile race, and by 2012, when Indianapolis hosts the Super Bowl.


Why is there an emphasis on motorsports and advanced
technology in the redevelopment plans?
Due to statewide economic development initiatives, Central Indiana has a competitive advantage in motorsports, advanced manufacturing and clean technology. Area One redevelopment recognizes the competitive market for motorsports and seeks to leverage its proximity to IMS to create a world-class center for the industry and automotive-related technology through better opportunities
for industry leaders to invest in the area and by providing a better visitor experience for the more than one million people who visit Speedway each year.


How has the SRC taken public opinion into account?
The redevelopment plan for Area One is the result of an intense public outreach and engagement approach that included more than 65 public meetings and forums. Using its Web site, SpeedwayIndiana.com, direct mail, surveys and public meetings, the SRC has invited those
interested in the project to give their input on the plans and to voice their opinion.

As a result of the SRC’s dedication to public involvement, more than 60 columns have been included in the Speedway Town Press since May 2007 and more than 65 public meetings have been held since 2005, with an attendance of more than 2,000.

The SRC has held more than a dozen focus groups to solicit public input and feedback on Redevelopment Area Two. Comments and feedback provided were integrated into a
first round of concepts, which were publicly displayed for more than a month with the request for additional public comment and feedback. A second round of concepts based on the additional feedback received will be available soon, and a second public comment period will be held.


What progress has the SRC made recently? What is the timeline?
Speedway Redevelopment Commission broke ground on the Main Street road construction project November 19, 2009. It is the town’s first redevelopment-related construction project and will turn Main Street into a vibrant, pedestrian-friendly downtown district. Commissioners are working through implementation of the Area One Master Plan and the SRC is moving forward with redevelopment as approved. Currently, the SRC is in the process of acquiring land in Area One, completing infrastructure design and engineering and compiling a Master Plan for Area Two.


Will eminent domain be used for the redevelopment projects?
Eminent domain is a process that the SRC contemplates seriously and will only use as a last resort. When no other feasible and economically viable option exists, the SRC may pursue eminent domain. The SRC will use the thorough, fair and legal process for eminent domain that currently exists nationwide.


Why is the closure of Georgetown Road part of the plan?
Vacating Georgetown Road between 16th Street and 25th Street will have a lasting, positive economic impact on the area. Through extensive research, the SRC has found vacating the road as part of a more comprehensive redevelopment plan will have a stronger impact than other options.

The closure of Georgetown Road will increase safety and security for millions of visitors to the community and IMS. As the largest single-day sporting event in the world, the Indianapolis 500 attracts 300,000 to 400,000 people per year, and the Town of Speedway and IMS have an obligation to protect their visitors.

Residents, businesses and visitors will benefit from the linear park that will open in the road’s place. Green space will improve quality of life of the residents of Speedway. By creating an enhanced community space, potential businesses will have more tools to attract prospective
employees.


Why is the closure of Grande Avenue being considered?
Alison Transmission is one of Speedway and Central Indiana’s largest employers. Its leadership in hybrid technology and its ability to continue to secure major defense contracts will be enhanced by implementing the Speed Zone Master plan.

The Master Plan calls for consolidating the Allison properties, allowing them to meet Homeland Security needs for Department of Defense manufacturing and increasing its ability to win additional military contracts similar to the $259M contract it was recently awarded. These contracts allow Allison to maintain the current workforce and add additional jobs and positions within the company.

Consolidating the property and establishing a secure perimeter for this local defense contractor and manufacturer is one way we can do our part to increase national security.


How do I get involved? Where can I learn more?
If you would like to learn more about the Speedway redevelopment effort, or the plans for Redevelopment Areas One or Two, visit the SRC Web site at SpeedwayIndiana.com. While visiting our Web site, please sign-up for our e-newsletter to receive updates about redevelopment. Additionally, the commission holds regular meetings on the third Monday of the month at 6 p.m. at
the Speedway Public Library.


The information presented is based on development concepts which are subject to change without notice. Illustrations and images are conceptual and no guarantee is made about whether the improvements shown will be built or if built, will be the same type, size or nature as shown or described.