Bill Seeks to Fund Event Auctions in Indiana – WISH-TV | Indianapolis News | Indiana Weather forecast

INDIANAPOLIS (Inside INdiana Business) – A bill introduced at the Statehouse seeks to create a statewide sports and tourism bidding fund that would be used to help attract major events to Indiana . Senate Bill 245 says the discovery would be administered by the Indiana Destination Development Corp. and operated by the Indiana Sports Corp.

The bill was drafted by Senators Kyle Walker (R-Lawrence), Ryan Mishler (R-Bremen) and Travis Holdman (R-Markle).

According to the bill, the IDDC would distribute the amount allocated by the Indiana General Assembly for the exercise to the Indiana Sports Corp, which would make grants to organizations across the state to help them with their bidding efforts to attract events.

The SAI could also use part of the funds for its own application. The bill states that at least 25% of the money must be used for events that would be held outside of Marion County.

Walker tells our partners of the Indianapolis Business Review he believes the bill would create a return on investment.

“It is reimbursed in the form of economic impact and direct sales tax. And there is a proven pattern of success [with big events]”, Walker said. “So it’s not an expense. It’s really an investment whose return pays a dividend to the taxpayers of the entire state of Indiana.

It is not yet clear how much would initially be invested in the fund. The Senate Appropriations Committee is scheduled to hold a hearing on the bill on Thursday.

You can read more of IBJ’s Mickey Shuey by click here.

Laura J. Boyer