Despite a lengthy presentation from Speedway Motorsports Inc. in May, the Briley administration says it does not have a viable proposal for improving the racetrack at the fairgrounds.
The hope among race fans is that SMI (which runs some of the best tracks in the world) could create a track that would continue the historic legacy.
There are several hurdles to making NASCAR in Nashville a reality. First, the city has to show a willingness to partner with SMI. For years, different renovation proposals have fizzled after mayoral administrations allowed them to pass. SMI reports generating significant economic impact in their current markets. Their presentation quoted $425 million in economic impact annually for Bristol.
To expand the stands, fix the asphalt, add sound barriers and modernize the facility, SMI says they would need $60 million, paid for largely in revenue bonds and revenue generated by the fairgrounds.
The city’s two main issues remain: compatibility with the neighborhood and no viable plan — despite what SMI put forth to the fair board.
— WZTV —