ISC seeks US$250m WA funding
International Speedway Corporation is seeking US$250m of public funding to build its 75,000-seat NASCAR oval in the USA's Pacific North West. When ISC presented its proposals to a Washington State legislative committee, jointly with officials from the city of Marysville and the regional Snohomish County, it offered to lease the 850-acre site there and to bear $50m of the $300m costs. The balance would be raised by a public bond issue against new tax revenue generated by the track
"That's the level of investment that we're willing to put in this project," said Lee Combs, a senior VP of ISC. "It's a significant amount of money."
A study earlier this year indicated that the track would bring between $87.3m and $121.8m annually in new spending and tax revenue, and create more than 1300 new jobs. Snohomish County executive Aaron Reardon described the project as an opportunity for the entire state to reap huge benefits without making a large outlay. "I do believe this is a good investment for Washington state," he said.
The state will also be asked to pay separately for road improvements that will be required around the venue when the matter is formally considered by the Washington State Legislature in Olympia.
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