A motorsports racing team had outgrown its existing space and wanted to build a 96,800 sq. ft. facility. The team was considering site options in Indiana and Illinois because of the travel advantages with respect to their racing schedule. The company’s total projected investment in the building and equipment was $8.7 million.
The team engaged Rubin Advisors to examine what incentive options would be available to them. Racing is a target industry for several Midwestern states. The opportunity for a locally based team to remain within the state and expand was readily supported by both the state and local community. The state of Indiana received the project upon offering the following; $307,000 in refundable income tax credits, $2.1 million in investment tax credits with a roll forward provision, and $717,000 real property tax abatement.