December 30, 2006
NASCAR OWNERS WON'T GIVE IN -- STILL WANT WA. TAXPAYERS TO PAY FOR THEIR NW TRACK
"State lawmakers for the Kitsap Peninsula, site of a proposed NASCAR track, are lukewarm or opposed to the idea. The Florida-based speedway company behind the proposal, meanwhile, promises an improved pitch in the new year...
The nine state lawmakers who represent the peninsula, contacted last week, were either opposed to the plan or highly skeptical, The News Tribune reported in Monday [Dec. 25] editions...
The nine state lawmakers who represent the peninsula, contacted last week, were either opposed to the plan or highly skeptical, The News Tribune reported in Monday editions...
The company's last proposal called for taxpayers to pay for half of the $345 million facility. That state share would be paid through bonds. The racetrack group contended the cost of the bonds would be more than covered by the sales taxes paid by out-of-state race fans.
No one stepped forward to sponsor a bill in the 2006 session. But the track got a boost in May when two Democratic congressmen from the region, Adam Smith and Norm Dicks, spoke in favor of it," quoting The Olympian.
According to the article, "The company's last proposal called for taxpayers to pay for half of the $345 million facility... would be more than covered by the sales taxes paid by out-of-state race fans."
It seems to me that the state would do better by having NASCAR build the track by themselves, and still collect all of the sales tax revenue, without having to pay off any bonds. Has anyone in Olympia thought of that...?