After months of quiet for a large incentive agreement between Speedway Motorsports Inc. and Concord and Cabarrus County, officials said the next two weeks may see some movement on the matter.
County Manager John Day said a meeting is slated for next week between city and county attorneys to finalize details of a proposed $80 million incentive agreement that will, among other things, pay for the realignment of both Bruton Smith Boulevard and Morehead Road around Lowe’s Motors Speedway.
Just how the improvements will be funded is still being pinned down, Day said.
The financing plan for the incentives has been discussed in closed, economic-development meetings, Day said.
To fund the projects, officials have discussed everything from a sales tax boost to the creation of a special tax district.
Once the agreement is finalized by the county and city, it will be sent on to Speedway officials for approval.
County Chairman Jay White said officials will have to hold a public hearing before considering an agreement for the projects.
In November of 2007, the city and county issued a memorandum of understanding, committing $60 million for the infrastructure improvements and noise abatement structures at the Speedway’s drag strip.
At that time, officials said the state was on board to cover $20 million of the incentive for a replacement of the Rocky River Bridge, near the speedway on U.S. 29. The $20 million addition brings the total commitment to $80 million.
“Money from the state is not going to happen this year,” said Concord City Manager Brian Hiatt.
Hiatt said discussions with Speedway officials indicated the lead infrastructure improvement on their list is the realignment of Morehead Road that will allow vendors to move across U.S. 29, next to the speedway, so to reduce pedestrian traffic across the road.
“That’s the No. 1 priority, Morehead Road realignment, because that can be done virtually on their own property,” Hiatt said.
This year, Speedway Motorsports hired engineering firm Stantec to design the estimated $65 millions road improvement project, which includes:
• The realignment of Bruton Smith Boulevard to the intersection of Morehead Road and U.S. 29;
• pedestrian walkways and pedestrian tunnels under both Morehead Road and U.S. 29; and
• replacement of the Rocky River Bridge on U.S. 29.
The proposed Bruton Smith Boulevard alignment will veer south near Hendrick Honda of Concord, turning the corridor into a six-lane “super street.” The road would dip about a half-mile from its previous route, around a mobile home park and campgrounds, to meet head-on with the realigned Morehead Road.
The city and Cabarrus County agreed to make $80 million in infrastructure improvements around the speedway after Speedway Motorsports CEO Bruton Smith said in October 2007 that he would move the facility out of Concord.
Smith’s comments were in reaction to a skirmish with Concord over a $60 million drag strip he proposed to build near the speedway’s dirt track. The drag strip is set for a September opening.
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