ISC Pledges $50M To Seattle-Area Track; State Must Ante Up
ISC is “willing to pay $50[M] of the estimated $250[M] in construction costs” for a new speedway in Marysville, Washington, according to Chris McGann of the SEATTLE POST-INTELLIGENCER. Under the proposal put together by ISC, Snohomish County and Marysville, public money would finance the other $200M, in addition to a $50M commitment from the state “for improvements such as new roads and overpasses and other infrastructure to support the facility.” ISC would be responsible for cost overruns. ISC Senior VP/Development Lee Combs said the proposal “shows that we’ve got significant skin in the game plan.” But State Sen. Mary Margaret Haugen noted the state’s $1B budget shortfall and said, “A track is not a priority that I’m hearing about from the people when I’m out doorbelling.” Planners said that bonds issued to build the track “would be repaid with money generated by the track and would not drain money from the state budget.” The speedway would be publicly owned and leased to ISC for three national events each year. On non-race days, 400 surrounding acres would be available for public uses “such as ball fields, trails and picnic areas” (SEATTLE POST-INTELLIGENCER, 10/7). Marysville CAO Mary Swenson said the $50M contribution from ISC is “just a starting point for negotiations.” Meanwhile, Combs “warned that [ISC] will walk away from the deal unless the Legislature adjusts public-financing laws” next year and makes road improvements “in a timely manner.” Marysville Mayor Dennis Kendall: “This comes right down to what the Legislature is willing to do. Because without a legislative package, this dog can’t hunt” (SEATTLE TIMES, 10/7).
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