International Speedway Corporation has approved funding to redevelop the frontstretch of Daytona International Speedway to enhance the overall experience for its fans, marketing partners and the motorsports industry. The multi-year project will break ground on July 5 and is targeted for completion in January 2016, in time for the 54th Rolex 24 At Daytona and the 58th Daytona 500.
“We are truly creating history with this unprecedented endeavor,” said ISC’s Chief Executive Officer Lesa France Kennedy. “I commend the board’s decision to move forward on our plan to redevelop the Company’s signature motorsports facility, thereby shaping the vision of Daytona for the next 50 years.
"This significant private investment is a strategic use of our capital that will ensure the long-term viability of the iconic speedway, and when completed, will contribute favorably to the Company's revenues, as well as to our community and the sport as a whole.”
The redevelopment is expected to cost between $375 million to $400 million, excluding capitalized interest. Total expenditures incurred for the redevelopment through May 31, 2013 were approximately $15 million. The Company expects to fund the redevelopment from cash on hand, cash from its operations and may use borrowings on its credit facility for a limited period of time to even out cash flow.
A total of 11 neighborhoods, each measuring the size of a football field, will enable fans to meet and socialize during events without ever missing any on-track action, thanks to an open-sightline design throughout each concourse and dozens of added video screens in every neighborhood.
Every seat in the Speedway frontstretch will be replaced with wider and more comfortable seating, with more restrooms and concession stands throughout the facility. At the conclusion of the redevelopment, DIS will be comprised of approximately 101,000 permanent seats with the potential to increase permanent seating to 125,000.
Following an unsuccessful bid for a public/private partnership with the State of Florida during the most recent legislative session, the company was forced to reduce the scale of its redevelopment plan. In 2014, the company intends to pursue incentives including those currently available to all other major sports venues in Florida. ISC will reevaluate additional potential amenities based on the outcome of those efforts.
At least the billionaires are paying for it with their own money rather than the taxpayers $$$. Florida actually had the common sense for once to not fund corporations play toys that they make hundreds of millions of dollars from.
ReplyDeleteShould have stayed in Canada you forgot(?) to mention the 1.9 Billion dollars the track brings to the state of Florida.Asking for some state $$$ dosent seem so bad to keep the cash comming.http://www.sportsad.ohio.edu/news/index.html?article_id=32
ReplyDeleteSo you're all for billionaires getting tax assistance from everyone in Florida? Even people who don't live near Daytona or go to the track. Seems to me that its a highly profitable business model and yet these guys stick their hands out all the time for more money from the Government. The France family is highly Conservative in their politics and that side of the political spectrum seems to hate anyone else getting money except themselves. They already got a generous handout in the last federal budget by being allowed to depreciate the track and assets over a very, very short period of time. Seems to me that the state already provides highways, traffic lights, water, sewage, police/security, etc. It would be a little difficult to operate a track without those things. And one final thing, do you actually believe that the France's would move Daytona because the State didn't give them money??? Seriously?? Give me a (expletive) break.
DeleteThey own it, they can do what they want.
ReplyDeleteWho said they can't? Provided they meet building codes and safety codes why yes, they can do what they want. I don't understand your post.
DeleteWhat they realy need is to fill all those empty seats.Can they do that?
ReplyDeletecanucken I think you are confused with the politics. The entitlement society that we have now stronger than ever is not conservative. I would say libs/progressives are all for themselves.
ReplyDeleteI'm not confused at all. I hate bringing politics into the sport that I love because 99 times out of 100 I'm on the opposite side of most fans. That being said we can all agree we love racing and that I'm glad that the ISC is paying for this and not taxpayers.
DeleteSooo out of ALL the things Florida taxpayers spend money on that provides NO return, you pick something to bark about that Does? Give me a (expletive) break.
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