Monday, May 26, 2008

Billionaire N.C. racetrack owner gets milllions in taxpayer funds for drag strip addition

Concord, N.C. - Last August, Concord leaders learned that Bruton Smith, billionaire owner of Lowe's Motor Speedway, wanted incentives for a proposed drag strip and track expansion.

Three months passed, and Smith threatened to move his racing complex, before Concord and Cabarrus County worked out a deal he would accept. The $80 million package included $20 million that local leaders hope the state will pay. If the state doesn't pay -- and there has been no indication that it will -- local taxpayers will be on the hook for the entire amount.

Smith agreed to stay in Concord, spend $200 million to expand the track and build a $60 million drag strip.

For more on this article, go to The Charlotte Observer

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