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ISC AND STATE OF KANSAS REACH DEAL ON NEW $175M SPEEDWAY
Published October 7, 1997
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).