The Charlotte Observer has
reported that Cabarrus County (NC) leaders are trying to assemble $75 million
dollars in perks to discourage Bruton Smith from moving Lowe’s Motor Speedway.
This information comes from a government email that was obtained by the
newspaper.
The program would include the
state of North Carolina, Cabarrus and the city
of Concord.
Each would contribute a third of the funds to cover the incentives. These
incentives are said to include road improvements close to LMS as well as
property tax rebates.
To obtain this money,
officials are contemplating an increase of property tax by 1 cent, an increase
of the hotel/motel occupancy tax by 1 percent or state legislation for a
half-cent sales tax hike for transportation projects.
The Charlotte Observer has
reported that Cabarrus County (NC) leaders are trying to assemble $75 million
dollars in perks to discourage Bruton Smith from moving Lowe’s Motor Speedway.
This information comes from a government email that was obtained by the
newspaper.
The program would include the
state of North Carolina, Cabarrus and the city
of Concord.
Each would contribute a third of the funds to cover the incentives. These
incentives are said to include road improvements close to LMS as well as
property tax rebates.
To obtain this money,
officials are contemplating an increase of property tax by 1 cent, an increase
of the hotel/motel occupancy tax by 1 percent or state legislation for a
half-cent sales tax hike for transportation projects.
The controversy began when
residents surrounding LMS convinced city of Concord officials to block Smith’s bid to
build a drag strip on LMS property due to noise and pollution concerns. Smith
responded by threatening to move LMS out of Concord.
Smith is expected to give
his final answer of whether he’ll remain in Concord
by Thanksgiving or move to one of three proposed sites in or near Charlotte.
Losing LMS would be
another major blow to the Cabarrus economy. Philip Morris USA announced that it’s
shutting down its Concord
plant and eliminating 2,500 jobs by 2010. Pillowtex closed in 2003 and cost
4,000 jobs in Cabarrus and nearby Rowan counties.
LMS generated $169 million
in tourism spending last year in Cabarrus
County. That accounted
for nearly 70 percent of the county’s tourism dollars. Add in that LMS annually
pays more than $1.7 million in city and county taxes.
