$6.5M bond proposed for Dallara buildingSRC Member
January 21, 2011
The town of Speedway’s Economic Development Commission is meeting today to consider a request for a $6.5 million bond to pay for the new Dallara building.
The bond issue would be guaranteed by the Speedway Redevelopment Commission and will be paid for from future tax revenues from the Dallara project, said Scott Harris, SRC executive director.
The Redevelopment Commission is expected to meet Monday at 5:30 p.m. for a public hearing regarding an amendment to the redevelopment plan for the Dallara building, Harris said. The Town Council will also meet at 7 p.m. that night, when it will consider the issuance of the Economic Development Commission bond.
State funding for the project may be available, Harris added, in the form of federal disaster relief aid allocated to Marion County after flooding a few years ago.
Groundbreaking occurred in November on the 100,000-square-foot plant being built at 1201 Main St. to house the Italian race-car maker’s IndyCar chassis manufacturing facility and the Indy Racing Experience, its U.S. distributor.