Concord officials to work on speedway incentives

CHARLOTTE — Concord and Cabarrus County leaders plan to meet on details of $80 million of incentives for Lowe’s Motor Speedway owner Bruton Smith.

Officials reached a deal in November for Smith to keep the speedway in Concord.

He had threatened to move the track after a dispute with the city on building a drag strip. Smith is now building the $60 million drag strip and is working on a $200 million speedway
expansion.

The Charlotte Observer reports the city and county will meet in closed session Tuesday to discuss the structure of the incentives, revenue sources, project lists and legal issues. The boards are expected to hold public meetings before voting.

Officials have previously discussed a range of ways to help pay for the package, including asking the legislature for approval to raise the local sales tax.

Information from: The Charlotte Observer, http://www.charlotte.com

(Copyright 2008 by The Associated Press. All Rights Reserved.)