Lowes Motor Speedway incentive package could surpass $70 million
Quote selected text Published November 21st, 2007 in NASCAR News
Incentives aimed at keeping Bruton Smith from closing Lowe’s Motor Speedway in Concord could exceed the figure previously disclosed by Cabarrus County leaders, the chairman of the county’s board of commissioners said Monday.
Bob Carruth said local officials were continuing to work with Smith’s staff, and that any incentives package ultimately must be approved by commissioners, the Concord City Council and state officials. But Carruth acknowledged that the total list of projects that emerged after Smith threatened to close Lowe’s isn’t guaranteed to stay below $70 million.
“It just keeps going up and down,” he said. “Those numbers could come out different based on the flavor of the moment.”
Regardless, Carruth added, “we’re not giving the store away.”
Concord Mayor Scott Padgett said he didn’t know the total cost of incentives being discussed Monday.
A specific number may be hard to determine, Padgett said, since the options include road widening and a bridge replacement — state transportation projects that often see budget increases over time.
“I think the focus is more on projects than costs,” Padgett said. “I don’t know if they’ll come up with definite figure before it’s settled.”
Carruth, Smith and others said an agreement on incentives and the speedway still could come by Thanksgiving. Smith said he’s waiting on information from Concord and wants to decide soon so he can respond to overtures from other communities where he could build a new speedway to replace Lowe’s.
While declining to give specifics, Smith said some offers were more attractive than what Concord and Cabarrus have pitched, but that his staff’s negotiations with those areas were “probably not” as intense as those with Concord and Cabarrus.
With Thanksgiving approaching, Carruth said he anticipated a resolution by the time he leaves Wednesday for vacation. “Hopefully,” he said, “I get to enjoy my weekend.”
[Charlotte Observer]
- Lowe’s also bans the 14 banned Talladega fans
- Lowe’s Motor Speedway announces grandstand renovation
- Windstream to host National Guard and Army Reservists at Charlotte
- Coca Cola 600 ratings up for first time in 3 years
- Jarrett will finally race the truck at Lowe’s
Here’s another, “Open your wallet folks, it’s going to cost YOU more to live in the county, go to the race, and for those who don’t like NASCAR, the cost will be passed on to you, because your Commissioners bowed to the threat of movement?” Smith twisted the right screw, and is going to make money, for doing nothing, nothing, nothing but threaten to move, when everyone in the world knew that he could not dump a 310 million piece of property, and go somewhere else and spend another 300 plus million for another track. Not when he just spent millions to buy NHIS. Oh well, that’s why I WATCH my races on TV, I can’t afford the outragious prices asked for tickets to see them live. And I get to see the exciting stuff over and over again, via replays…….Enjoy Burton NC, he suckered a hugh Christmas bonus, early………….
The track could’ve been sold to developers. This track means more to the local economy than you realize. Just ask the folks in Darlington what that track and it’s dates mean to it’s local economy. Or North Wilkesboro. You just don’t piss off a guy like Smith. The Concord metro area would be a dot on a map if it wasn’t for Smith. Just another small town on Rt29. The track pays for a ton of services that benefit everyone. More police, paramedics, fire department personnel and so on. It has more than a ripple affect on the local economy. Smith can be a jerk. He was convicted of stock fraud or something years ago. But his knowledge of racing, knowing what the fans want and making money are second to none. Like him or not, he is The Godfather. I’m sure there are plenty of towns that would love to have a guy like this.
Get real people of Concord NC your local government has just sold your soul to the devil for a VERY low price.
Just get used to it you will forever be referred to as BrutonVille NC. the town Bruton Smith shamed out of it’s inaliable rights… unless you take matters into your own hands.
As far as life without Smith just look at many towns that thought they would dry up and die when major corporations or large military instalutions moved out over night. All Believed they could never recover to be a viable town again but most found that they could by reinventing themselves and turned out to be a success story with out a Godfather to pay homage to. The secret is in finding a very competent, well schooled in recruiting business and honest to the citizenry city council, city manager and mayor.
There may be many towns willing to sell there soul to Bruton Smith but you have a choice…