Cabarrus awaits Smith's decision
“This was the first time they were seeing a lot of this stuff”
Now they wait.
Cabarrus County leaders met with billionaire Bruton Smith for about two hours Wednesday afternoon, pitching an incentives deal worth under $70 million to convince him to keep Lowe's Motor Speedway in Concord.
Concord and Cabarrus officials called the meeting at the speedway productive and said progress was made, but declined further comment.
Smith told the group that South Carolina has been very aggressive in recruiting him, speedway spokesman Jerry Gappens said. S.C. officials declined to comment. Read more
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#1 Nov 25, 2007
How much in incentives will the county offer me to stay in my concord home?
This is absolutely ludicrous! Since when do we need to provide incentives totaling over $70 million to a BILLIONAIRE???
I for one (along with the majority of my neighbors) could care less if the speedway stays or goes. If the proposed drag strip impacts our property values, we WILL file a class action lawsuit! The days of spending taxpayer money on these types of "freebies" for the rich MUST come to an end. We did not elect these officials to spend our money on the rich, but to enhance our lives and the lives of our children with a safe community, good schools, and fiscal responsibility. This is the most extreme example of fiscal irresponsibility I've ever seen!
#2 Nov 28, 2007
Ken, I agree it is ludicrous to give incentives like these to a billionaire as well as rename a road in his "honor". However, you really should care if the speedway stays or goes because THAT impact on your property value far outweighs the tax incentive given to Mr. Smith. Think if the speedway did move - all those hotels, restaurants and Concord Mills Mall would shrivel up and die. Maybe not in a month or even a year, but over time that area would be a ghost town. The amount of property tax absorbed by the speedway and the surrounding businesses is astronomical. If those businesses were to leave, your property taxes would soar a lot higher than this incentive package could ever impose. As far as your class action suit...good luck with that one! You knowingly purchased a home next to a speedway that has been in existance for 50 years, with the land surrounding it designated for motorsport expansion and growth. I just moved here from Florida and I did a lot of research as we looked at property in your area. I CHOSE not to move there based on what information was available to me at the city and county offices. As I do feel for you and your neighbors for the stress and anxiety Mr. Smith and our "wonderful" city leaders have imposed over these last few months, I do not believe a class action suit would ever fly. Right or wrong, Mr. Smith owns that land and he has the right to develop it as he sees fit within the limits of the law. While I wholeheartedly disagree with his methods and do not think very highly of the man, the law is on his side. With all that said, Concord City Council - your days are numbered because the stress you put the citizens of Concord through is unforgivable and our votes will show that.
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