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January 04, 2006 - NASCAR News Releases
The EDC has completed its review of the International Speedway Corporation, proposal for the racetrack north of Belfair and is pleased to announce its support for the ISC track proposal as detailed to date. Through research, first hand discussions, and travel to communities that host ISC tracks it is clear that this type of tourism investment is good for the local and regional economies of Washington State. ISC is a company that has a record of delivering what they say they are going to do and in many cases they perform well above expectations. Through a first hand visit to an ISC facility in Kansas City, Kansas the EDC has verified that ISC is a catalyst for increased economic prosperity by bringing in over $100 million in revenue to the region annually through large racing events that are the economic equivalent of a super-bowl event.
The Economic Development Council of Mason County supports the financing package that the International Speedway Corporation released on November 30th. The package includes the construction of the facility with $166 million cash match by the company and utilization of $166 million generated directly from the track to finance the project. An additional $10 million will be generated through a tax on ticket sales. This is a formula for successful public and private financing that does not affect local and state tax revenue because the project is utilizing only that portion of tax generated directly from the racetrack fans to pay for the track. In addition, this project is projected to add $93 million into Washington State’s General Fund. It is a complete package that will increase local and State income.
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