Int'l Speedway Corp. To Build Motorcross Facility In Kansas

International Speedway Corp. has announced that it has moved one step closer to developing a motorsports facility in Kansas City, Kan
The company, through its wholly-owned subsidiary, Kansas International Speedway Corp., has successfully completed negotiations with the Unified Government of Wyandotte County/Kansas, regarding a development agreement proposal for a 1.5-mile oval motor speedway in western Kansas City
The proposed facility, located near the intersection of Interstates 70 and 435, would seat 75,000 in Phase I. Phase I is scheduled for completion in the year 2000
The total cost of Phase I of the project is estimated to be $198.3 million. This includes KISC's investment of $55.6 million, with the remainder of the project costs provided through a variety of funding mechanisms, including the sale of bonds through a Kansas Tax Increment Financing District. These bonds will be funded by KISC through payments in lieu of taxes and sales tax revenues derived directly from the project. The Unified Government will contract for all public road improvements and will coordinate all utility extensions
The development agreement proposal also outlines a second phase of the project which, over time, would increase seating capacity to 150,000. The company will begin evaluating Phase II plans near the completion of Phase I. The total cost of Phase II is expected to be $54.1 million. KISC has agreed to fund $34.6 million of this cost.
(c) BPI Communications Inc., 1997 ALL RIGHTS RESERVE
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