Tuesday, April 03, 2007

Washington Track Project Dead

International Speedway Corporation has pulled the plug on its attempt to build a new speedway in Kitsap County, Washington.

ISC announced last night that it will cease lobbying for a proposed funding bill to help finance the 1.2-mile, 80,000-seat oval about 20 miles south of Seattle, saying that additional modifications to the legislation were unacceptable to the company. ISC President Lesa France Kennedy said that while the Kitsap County project is dead, ISC remains interested in building a track in the Pacific Northwest.

As a result of its decision, ISC expects to record a non-cash, pretax charge of approximately 5.5 to 6.5 million dollars spent on legal services, consulting, interest and other site-specific costs associated with the proposed track.

This is the second Washington progress to be dropped by ISC. An earlier site in Snohomish County had to be abandoned in November of 2004.

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