A spokesman says that Lowe’s Motor Speedway owner Bruton Smith has decided to keep his operation in Concord rather than move it as he had threatened.
Speedway official Jerry Gappens says Smith plans to discuss his decision at a news conference on Monday.
Smith has said he was offered $70 million in government incentives to stay.USA Today.com
Lowe’s Motor Speedway will remain open in Concord, a speedway spokesman said late this afternoon.
No details were immediately released. The speedway spokesman said more information would be released Monday.
Speedway Motorsports Chairman Bruton Smith had said he would decide before Thanksgiving whether an incentives deal in the range of $70 million would convince him to spend $100 million to $200 million to renovate the 47-year-old speedway and build a $60 million drag strip at the racing facility.Sharif Durhams, Charlotte.com
Everybody’s breathing a sigh of relief,” said David Lindsay, the manager of a restaurant on Speedway Boulevard. The entire community was indeed relieved to find out Concord and Cabarrus leaders had reached a deal to keep Lowe’s Motor Speedway in Concord Wednesday evening.
Speedway spokesperson Jerry Gappens said the incentives package will be worth about $70 million, which includes improvements to infrastructure and roads. “I think a lot of people came up to the plate and realized the importance of the economic impact and the benefit that the speedway has,” he said. An impact that brings in about $6 Billion to the state annually - much of which stays in the Charlotte area with $170 Million in tourism money being poured into Cabarrus County each year. WSOC TV.com
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