NASCAR track's financing at issue

By Emily Heffter
Times Snohomish County Bureau

E-mail this article Print this article Search archive Most read articles Most e-mailed articles

MARYSVILLE — As a key legislative committee prepares to hear testimony tonight on a proposed NASCAR speedway, some Snohomish County officials say the track may be on shaky ground unless developers pony up more money.

At issue is the offer made by track developer International Speedway Corp. (ISC) to pay $50 million toward the cost of building the track. The company wants the state and county to raise between $200 million and $250 million in track costs through the sale of bonds, and to pay for improvements to roads and other infrastructure.

"There needs to be a larger investment on the side of the corporation," said Snohomish County Executive Aaron Reardon.

Officials for ISC, a Florida-based developer of NASCAR tracks, did not return calls yesterday.

The Legislative Committee on Economic Development and International Relations will meet tonight in Marysville to discuss the proposal to build a speedway on 850 acres between Marysville and Arlington. Lt. Gov. Brad Owen, the committee chairman, said the meeting will allow legislators to hear from local residents who favor and oppose the track.

The committee — made up of representatives from economic-development committees in the state House and Senate — may propose legislation for financing a racetrack or advise other legislators about the project.

"When finally the total cost comes together and the total package comes together on how it's going to be taken care of ... that's what's going to determine whether [ISC's offer] is sufficient or not, and I'm not sure whether it is," Owen said.

Meeting on proposed track The state's Legislative Committee on Economic Development and International Relations will meet from 6 to 8 tonight in the auditorium at Marysville-Pilchuck High School, 5611 108th St. N.E., in Marysville. The committee will take testimony only from representatives of pre-selected groups — including community groups both in favor and in opposition, as well as representatives of neighborhood associations, Marysville, the Arlington Airport, the Tulalip Tribes and the Snohomish County Labor Council.

But he said it's too early to worry about negotiations between ISC and the state.

Marysville chief administrative officer Mary Swenson said her city's analysis of the $50 million offer has not been completed. Until then, she said, she can't say whether more money would be needed.

The track site is currently in unincorporated Snohomish County, but Marysville is expected ultimately to annex the land.

Reardon wouldn't talk specifically about negotiations, but he said he's done the math.

"My position has consistently been that it needs to be a partnership, and you can't ask taxpayers to cover the difference, especially, in this case, two-thirds of the difference," Reardon said.

Besides up to $250 million for the balance of the track construction, a study released by Marysville last week indicated the state would have to make nearly $70 million in road improvements to accommodate the expected road and highway traffic a track would generate on race days.

When Snohomish County was named the preferred site for NASCAR's first Northwest track last month, Reardon, along with Marysville and ISC officials, presented a financing plan that included a $50 million investment by the Florida corporation. But yesterday Reardon called that a "starting point" and said government should pay for infrastructure improvements but not track construction.

"What I've told the corporation very clearly is that when it comes to the state of Washington ... their contribution [ISC's] has to be greater," he said. "I think they need to chip in."

Snohomish County Council Chairman John Koster called ISC's $50 million contribution "woefully inadequate." He also noted that track-site landowners have not been contacted by ISC.

"It would just seem that if ISC had a deal on the table, they'd be talking to the landowners," he said.

"Everything seems to be in limbo right now."

State Sen. Dave Schmidt, R-Mill Creek, who a month ago called ISC's offer "reasonable," yesterday said the company would have to come up with more money. Though he supports the project, he said it is "potentially" in danger.

"The real burden is on them [ISC], because it comes back to how much do they want to be here," he said.

Emily Heffter: 425-783-0624 or eheffter@seattletimes.com

Copyright © 2004 The Seattle Times Company

E-mail this article

Print this article

Search archive

More local news headlines...