Lowe & Behold: Smith, Local Officials Announce LMS Staying Put

SMI Chair & CEO Bruton Smith at a press conference yesterday formally announced his intention to keep Lowe’s Motor Speedway in Concord, North Carolina, according to a front-page piece by George & Bell of the CHARLOTTE OBSERVER.  Smith said, "We’re here forever." As part of a deal with city and Cabarrus County officials, Smith will complete construction of a $60M drag strip at the track, as well as up to $200M “on speedway renovations and upgrades.” The city, county and state of North Carolina will provide about $80M in incentives to Smith, "most through road improvements near the speedway.” Concord and Cabarrus County will each provide $30M, and Smith said the state will contribute the remaining $20M, "citing assurances" given by Gov. Mike Easley. But Easley spokesperson Sherri Johnson said that “no additional finance incentives were offered.” Smith indicated the drag strip “would be open in time for a [NHRA] race scheduled for next September in Concord” (CHARLOTTE OBSERVER, 11/27).