Speedway Motorsports, the company trying to bring NASCAR back to Nashville, pitched a plan that called for $54 million in bond payments and $2 million in cash from the city, according to city officials. Mayor David Briley’s administration rejected the proposal, but ongoing discussions could end with tax revenue collected at the track financing part of the project. But a top Speedway Motorsports executive said there’s been a shift from talks of using general obligation bonds to a plan that an emphasizes a private-public partnership with the possibility of using revenue from the track to fund any project. Financing remains a roadblock that has emerged in the ongoing talks between Speedway Motorsports and Briley. The group has already proposed a project that clashes with plans already in place for the new Major League Soccer stadium. The feasibility of a major upgrade to the racetrack remains questionable since the soccer stadium project will place a mixed-use development building so close to the Speedway. The site plan and its proximity the track is set to be discussed at Tuesday’s regularly scheduled Board of Fair Commissioners meeting. One possible solution to the financing conundrum that’s being discussed at the legislature would essentially have any racetrack project be funded by racetrack patrons. Last week a rendering commissioned by Speedway Motorsports made its rounds on social media, showing what an upgraded Fairgrounds Speedway would look alongside the MLS stadium. It’s a first look how the racetrack proposal clashes with a site plan already in the works at the fairgrounds. An overhaul is already underway to make room for the $275 million soccer stadium and surrounding mixed-use development. The new expo center and fair buildings, which are moving to the northeast end of the site, are expected to be operational by August.(Tennessean)(4-16-2019)
UPDATE: An executive involved in Speedway Motorsports Inc.’s efforts to bring NASCAR national series racing back to Fairgrounds Speedway in Nashville, Tennessee, responded Tuesday to a report about the company’s talks with city officials. Jerry Caldwell, executive vice president and general manager of Bristol Motor Speedway, issued a statement responding to The Tennessean’s article. “Our very first step has been to engage Mayor Briley to explore potential renovation of the speedway that would allow major races to return to Nashville. This renovation can be accomplished through a cooperative partnership by utilizing revenues from increased activity at the Fairgrounds and private investment without the use of current Metro tax dollars. Recognizing that the city has an obligation to maintain their racetrack long into the future, we are offering an opportunity for private partnership that delivers an attractive, long-term solution to improve a historic, public treasure that has been in decline in recent years.”(NBC Sports)(4-17-2019)
