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sally
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« on: December 04, 2006, 11:12:23 PM » |
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From Jayski:
While we are disappointed that we could not complete the speedway development on Staten Island, our enthusiasm for the metropolitan New York market is in no way dampened and we continue to view the region as a prime location for a major motorsports facility," said ISC President Lesa France Kennedy. "We clearly believe that if we had been able to proceed through the full public process, the significant benefits this project represents would have generated a more positive reaction. However, based on the results of our feasibility study, specifically the lack of political support and unacceptable land-use approval requirements, we have determined it is in the best long-term interest of ISC to discontinue the Staten Island speedway development and pursue other strategic alternatives for the property."
The Company will immediately begin to research and develop market demand studies to assist in the evaluation of various alternative strategies, including potentially selling the property in whole or in parts, or developing the property with a third party for some other use. ISC believes the value of the property will be in excess of $100 million once it is filled and ready for sale.
"Despite the political challenges we experienced," continued Kennedy, "we appreciate the support from a variety of groups on Staten Island including the business, civic and residential communities to bring a speedway to the area. Due to the considerable interest and support for NASCAR racing in the region, we remain committed to the pursuit of a motorsports entertainment facility development in the nation's number one media market. We believe a facility in this area represents a significant long-term opportunity for our company, and is one component of several broader strategic growth opportunities ahead for ISC. We look forward to our continued success in achieving these opportunities and sharing our progress in the future."(prnewswire.com)(12-4-2006)
This has to be one of the few battles Nascar/ISC has lost! I'm sure they'll find another spot, but it somehow makes me warm and fuzzy! The article was much longer, if you want to read the whole thing.
Sally
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