September 1999
Financial Executive;Sep/Oct99, Vol. 15 Issue 5, p30
Academic Journal
Stock car events never had the cachet of formula one races, where the drivers included the occasional European aristocrat. Stockcar races were at the other end of the class spectrum, defiantly downhome in the U.S. But in January 1999, stock car racing received the ultimate American endorsement as a mainstream sport that was a $224-million superspeedway in Kansas City financed with a big chunk of tax-exempt municipal debt. Approximately $24 million of tax-exempt special obligation bonds called STAR bonds, will be repaid by sales taxes generated from businesses in the speedway area. Another issue of roughly $70 million tax increment financing bonds will be serviced by payments made by International Speedway Corp. in lieu of property taxes. The state department of transportation committed $35 million to improving access roads to the site and there was a mix of tax credits and other incentives topping off the ratatouille of subsidies. Stock car fans tow their recreation vehicles hundreds of miles to camp at the track or fly in and book hotels well ahead of race day, because they wouldn't want to miss the qualifiers and practice runs on the days leading up to the big event, the race itself. INSETS: FROM MOONSHININ' TO MARKETING.;Schandel's Track.


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