NEWS RELEASE                                   Feb. 1, 2007     

Lt. Governor Owen to request legislation to help
build a NASCAR track in Washington state 

OLYMPIA -- Legislation that would help pave the way for a NASCAR-ready speedway in Washington state will be filed at the request of Lt. Gov. Brad Owen.

“This track should be built. It’s important to the state’s economy and would provide thousands of local jobs,” said Owen.  “A NASCAR track would be like bringing two Super Bowls to the state of Washington every year.”

Owen said his request legislation would authorize the creation of a public speedway authority, which would be charged with overseeing the development and any public financing for the new motor sports facility.  Rep. Geoff Simpson, D-47^th will likely sponsor the legislation in the House and a Senate sponsor is expected to be announced in the coming days.  The legislation will be introduced within the next week.

A proposal by Great Western Sports (GWS), a subsidiary of International Speedway Corporation (ISC), seeks public financing through bonds that would be repaid from taxes collected from out-of-state visitors and race fans as a component of a development project to build a NASCAR track in the Pacific Northwest. 

Under its proposal, GWS would invest a minimum of $180 million toward the speedway, with $164 million of the estimated $368 million in construction costs to be financed with bonds issued by the public speedway authority. An additional $24 million bond issue would be backed by a facility admissions tax.  

The legislation does not create new taxes nor increase existing taxes, and will not consume the state’s debt capacity, Owen said. 

Owen said that while ISC is working closely with local officials on a site proposed near Bremerton, the legislation is not specific to that location. 

“The proposed site would be a great location for NASCAR,” said Owen. “But if for some reason the project cannot go forward there, the funding mechanism will remain in place so the project may still proceed elsewhere in Washington.”

GWS officials have estimated that the project will bring the state nearly $4 billion benefit over 30 years, and employ 5,600 workers during the construction phase alone. Lt. Gov. Owen chairs the Legislative Committee on Economic Development and International Relations, which conducted a public work session on the GWS proposal late last May. 

“In the process of hearing from thousands of people I have become convinced a NASCAR speedway will be a great asset to the state and enormous economic benefit to whichever community is fortunate enough to be its host,” Owen said. “I look at this as a sound investment that will add significantly to our state’s economy for many, many years.”

For more information contact:                     

Office of the Lt. Governor: Brian Dirks (360) 786-7707 or dirks.brian@leg.wa.gov
Antonio Sanchez: (360) 786-7786 or sanchez.antonio@leg.wa.gov