International Speedway Corp. has abandoned its plan to construct a NASCAR racetrack in Kitsap County.
“It has recently become apparent that despite the significant revisions we have already made to the legislation, various constituents were proposing several additional modifications to the bill in order for it to proceed,” said GWS President Grant Lynch in a press release. “These additional changes to the legislation were unacceptable, and would have had a significant negative impact on our financial model for the speedway development. Therefore we have decided to no longer pursue the speedway development at the current location.”
The 80,000-seat racetrack was proposed for a 950-acre parcel near the Bremerton Airport in South Kitsap. ISC committed to the site in 2005, after a failed attempt to put the track next to I-5 at Marysville.
The company presented a bill to the state Legislature this year that asked the state to fund approximately half of the $345 million project.
After difficulties in gaining legislative sponsors and several revisions, the company decided to ditch the effort.
“We worked very hard on this,” Lynch said. “I am disappointed, but am more disappointed for the people who worked so hard to convince their local legislators that it was a good proposal. Nothing would change their minds.”
Lynch said ISC may pursue other Washington sites in the future, but the finding bill “probably would not go through during this legislative session.”
Sen. Phil Rockefeller (D-Bainbridge Island) said that if ISC reintroduces the proposal, it should be more specific about benefits and provide details.
“They were always saying that everything could be negotiated but didn’t provide facts,” Rockefeller said. “They never said how they would guarantee the costs if the revenue didn’t materialize.”
“I don’t think their compromises were adequate,” said North Kitsap Commissioner Chris Endresen, who testified in Olympia against the speedway funding plan. “The whole thing was long on promises and short on facts.”
County and local officials sparred with ISC over how much of the admissions tax and other revenues would have been funneled to local government, as well as who would pay for highway improvements around the track site.
Also, the legislation would have taken track-related zoning decisions out of the hands of county officials, critics said.
Racetrack supporters said ISC’s retreat represents a lost economic opportunity.
“I’m very saddened and feel that our elected officials have let down the business and labor community,” said South Kitsap Commissioner Jan Angel. “This was a tremendous opportunity, and now it’s gone.”
Longtime racetrack supporter Rick Flaherty blamed the Legislature for the project’s failure.
“It’s disappointing that it never got a fair shake,” he said. “The county lost tens of millions of dollars and the opportunity for substantial economic development.”
