Officials Developing $75 Million In Incentives To Keep Speedway

The Charlotte Observer reports that leaders in Cabarrus County are trying to put together a $75 million incentives package to discourage Bruton Smith from moving Lowe's Motor Speedway.

The newspaper cites an e-mail sent by County Manager John Day to
county commissioners last week.

The plan calls for the state, Cabarrus County and the city of Concord to each chip in a third of the money to cover the incentives, which were developed from Smith's "wish list."

Day says there are a number of options for paying for the incentives, but commission chairman Bob Carruth says a proposed property tax increase is a last resort.

The speedway controversy began when the Concord City Council voted to block a $60 million drag strip that Smith wanted to put on
speedway land. Smith then threatened to shut down the track and
rebuild it elsewhere in the Charlotte region. City leaders soon backed down.

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