SBD/7/Facilities Venues

ISC AND STATE OF KANSAS REACH DEAL ON NEW $175M SPEEDWAY

          KS officials and FL-based Int'l Speedway Corp. (ISC)
     reached agreement on a new 1.5 mile oval speedway to be
     constructed in Kansas City, KS.  The estimated $197M
     facility is scheduled to be completed in 2000 and seat
     75,000 (ISC).  In K.C., Eric Palmer reports that financing
     of the track will involve $55.6M from ISC; $87M in revenue
     bonds; $43.2M from the state, "mostly in highway money;"
     $7.5M in local taxes and $3.6M in "commitments from
     utilities."  ISC is slated to pay annual lease payments of
     $4.8-7.5M over the life of the issued revenue bonds, and the
     "lease payments and the state sales taxes generated at the
     track would cover the bond payments."  After the bonds are
     paid off, ownership of tracks property will transfer from
     the Wyandotte County to ISC (K.C. STAR, 10/7).

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Related Topics:

Facilities, Int'l Speedway Corp.

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