ISC Backs Off $368M Plans For Northwestern NASCAR Track
Int’l Speedway Corp. (ISC) yesterday announced it is “pulling the plug” on plans
for a $368M NASCAR track near Bremerton, Washington, which “called for about $180[M]
in taxpayer-backed financing,” according to Ralph Thomas of the SEATTLE TIMES.
But ISC said that it “will look for other track sites in the state and might come
back to the Legislature with another proposal in the future.” Thomas notes ISC
made “several revisions aimed at winning over some of [the project’s] opponents,
such as agreeing to let people from the region vote on the proposal.” But the
company said that it had been told “more changes were needed for the legislation
to move forward.” Grant Lynch, President of ISC subsidiary Great Western Sports,
said in a statement, “These additional changes to the legislation were unacceptable
and would have had a significant negative impact on our financial model” (SEATTLE
TIMES, 4/3). ISC Senior Investor Relations Analyst Lenny Santiago: “As a public
company, we have a responsibility to our shareholders to only undertake projects
that would generate a return” (AP, 4/3).
OPPOSING SIDES: Lynch said Kitsap County lawmakers “were just bound and
determined they weren’t going to get a racetrack in their community.” But Kitsap
County Commissioner Chris Endresen said ISC “didn’t come to the table with enough
money. I think they were asking too much from the taxpayers.” Lynch: “We’re going
to have to have some support from local entities.” Lynch indicated that he “still
thinks there’s broad support in Washington state, and even in Kitsap, for a NASCAR
track” (NEWS TRIBUNE, 4/3).
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