Lowe’s Motor Speedway will stay in Concord
Quote selected text Published November 22nd, 2007 in NASCAR News
Lowe’s Motor Speedway will remain open in Concord, a speedway spokesman said late this afternoon. No details were immediately released. The speedway spokesman said more information would be released Monday. Speedway Motorsports Chairman Bruton Smith had said he would decide before Thanksgiving whether an incentives deal in the range of $70 million would convince him to spend $100 million to $200 million to renovate the 47-year-old speedway and build a $60 million drag strip at the racing facility.
Concord City Council members initially blocked Smith from building his planned drag strip near the speedway, saying they were worried noise from the hot rods could carry into nearby neighborhoods. Smith then threatened to move Lowe’s Motor Speedway, one of the county’s biggest taxpayers, When Smith announced the Thanksgiving deadline, officials assumed “he would have everything he needs to do what he needs to do,” said Cabarrus Economic Development leader John Cox. Cabarrus leaders have offered Smith incentives, which were outlined in an e-mail County Manager John Day sent to commissioners, county officials have said.
The options include extending the George Liles Parkway to U.S. 29, replacing the U.S. 29/Rocky River bridge, providing structures to decrease noise from the drag strip and giving Smith property and sales tax rebates based on the amount of investment on the drag strip and speedway improvements.
- Lowes Motor Speedway incentive package could surpass $70 million
- Smith: ‘90 percent chance’ I’ll move Lowe’s speedway, track would be demolished
- Windstream to host National Guard and Army Reservists at Charlotte
- Coca-Cola 600 likely to keep name
- Concord lifts drag racing ban for Bruton Smith, names street after him
Wow, you have to hand it to Smith and SMI, they started off with saying that they were going to move Lowe’s Motor Speedway from its current site in Concord to a new site in Charlotte after the city of Concord blocked there drag strip.
I would have loved to have been sitting in the city of concord meetings after that were they were discusing just what they have done, “Where are going to loss our biggest income.” then somebody says “No new taxes, instead how do we get they back.”. So following that, the city gives Smith and SMI incentives to hopefully get him to stay and let’s name a street after him.
Finally, according to this article above, Smith has instead of moving the speedway to Charlotte or my pick to North Wilkesboro, he will keep the speedway in its current spot and he gets upwards of $70 Million in incentives. Wow, the city of Concord is now right back were they started and the city has just paid for the legal fees and the new drag strip. What a deal. Oh brother…
People with big money usually get their way.
If they would have left him alone they could have saved 70 mil