Bonds to help pay for speedway incentives
By ADAM BELL AND JEFFERSON GEORGE, The Charlotte Observer
A week after billionaire Bruton Smith officially announced he would keep Lowe's Motor Speedway in Concord, new details are emerging about how local leaders hope to pay for the $80 million incentives package offered to keep him there.
What's in: local bonds and possible increases in the Cabarrus County sales tax.
What's out: a special tax district.
(It's not like Smith needs the help, but was this noisy ploy to move the track just a bait to get the local economy to pay for his own upgrades? Eesh! )
I don't think it's a real huge issue to use the bonds to help pay for it, but that seems like somewhat of a short-term solution to me. Raising taxes is understandable, but you're talking about a substantial tax raise to pay for $80m.
ReplyDeleteHey Tim,
ReplyDeleteTo you or I, it may not be a big issue, but to the anti-fan who finds himself paying those taxes, it just gives them more fuel for their fire.
If I were one, I'd be grumbly about it, but I'm not.