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closeSpeedway incentive package could surpass $70 million
Cabarrus leader says project list 'just keeps going up and down'
JEFFERSON GEORGE / The Charlotte Observer
Tuesday, Nov. 20, 2007
Incentives aimed at keeping Bruton Smith from closing Lowe's Motor Speedway in Concord could exceed the figure previously disclosed by Cabarrus County leaders, the chairman of the county's board of commissioners said Monday.
Bob Carruth said local officials were continuing to work with Smith's staff, and that any incentives package ultimately must be approved by commissioners, the Concord City Council and state officials. But Carruth acknowledged that the total list of projects that emerged after Smith threatened to close Lowe's isn't guaranteed to stay below $70 million.
"It just keeps going up and down," he said. "Those numbers could come out different based on the flavor of the moment."
Regardless, Carruth added, "we're not giving the store away."
Concord Mayor Scott Padgett said he didn't know the total cost of incentives being discussed Monday.
A specific number may be hard to determine, Padgett said, since the options include road widening and a bridge replacement -- state transportation projects that often see budget increases over time.
"I think the focus is more on projects than costs," Padgett said. "I don't know if they'll come up with definite figure before it's settled."
Carruth, Smith and others said an agreement on incentives and the speedway still could come by Thanksgiving. Smith said he's waiting on information from Concord and wants to decide soon so he can respond to overtures from other communities where he could build a new speedway to replace Lowe's.
While declining to give specifics, Smith said some offers were more attractive than what Concord and Cabarrus have pitched, but that his staff's negotiations with those areas were "probably not" as intense as those with Concord and Cabarrus.
With Thanksgiving approaching, Carruth said he anticipated a resolution by the time he leaves Wednesday for vacation. "Hopefully," he said, "I get to enjoy my weekend."
