Lawmakers seeking to gauge local interest in Iowa Speedway-area development legislation

By PETER HUSSMANN

State lawmakers are attempting to gauge the interest of the Jasper County and Newton communities on a measure introduced at the statehouse this session designed to spur development around the Iowa Speedway.

Rep. Paul Bell, D-Newton, a member of the House Ways and Means Committee, said today that a meeting has been set for 11 a.m. Monday at the statehouse where a subcommittee will discuss House File 2480, the "Sales Tax Bonding Act."

Bell said he has been in contact with city and county officials about their interest in the measure that would allow for the creation of sales tax bonding districts where local costs to aid development would be secured by a portion of sales tax revenues created and collected in the district. He said if local interest is shown, the measure would likely be voted out of committee for further legislative debate.

The measure was introduced into the Ways and Means Committee by Rep. Roger Thomas, an Elkader Democrat, on behalf of Trilogy Raceway Development, owners of 66 acres adjacent to the main entrance to the Iowa Speedway. The group says it stands ready to work for development around the Newton racetrack should the new economic development tool be allowed by state lawmakers.

The bill includes a number of prerequisites before such a district is allowed to be formed by a municipality, including a minimum 400-acre district, creation of 200 permanent jobs, a capital investment of more than $50 million with annual revenues of at least $25 million. Independent economic feasibility studies, as well as both municipal approval at a public hearing and support from the Vision Iowa Board, are required before a project would be allowed to move forward.

Bell said he plans to contact local officials about Monday's meeting and is inviting them to attend to allow lawmakers to gauge local interest in the measure.

"I believe with interest shown from our community we can pass the bill out of the Ways and Means Committee," he said today, "but I don't know the future on the House floor."