Bruton Smith says Lowe's Motor Speedway will be in Concord forever.
Smith decided last week to keep the track in Cabarrus County
after threatening to move it. But his appearance with Concord Mayor
Scott Padgett was short on specifics of the deal that made Smith
choose to stay.
The two appeared together at a news conference at the speedway.
Smith first threatened to move elsewhere in the Charlotte region
after the Concord City Council initially rejected his plans to
build a 60 million dollar drag strip. But city leaders quickly
retreated in the face of Smith's threat. Cabarrus leaders quietly
put together the incentive proposals, based in part on a "wish
list" from Smith.
Some have criticized the incentives to keep Smith as a bad
approach to economic development. But Padgett says incentives are
now a fact of life for every state. Many of the incentives are
centered on improving roads around the speedway.