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Over the years, how much money has Burton Smith brought to Concord?
"According to the Charlotte Regional Visitors Authority, each of the NASCAR Nextel Cup events held at LMS brings $100 million into the Charlotte economy, meaning Charlotte gets at least $300 million a year from speedway events."
Over the years, how much money has Burton Smith brought to Concord?
"According to the Charlotte Regional Visitors Authority, each of the NASCAR Nextel Cup events held at LMS brings $100 million into the Charlotte economy, meaning Charlotte gets at least $300 million a year from speedway events."
While that statement may be true - that the racetrack "brings in" that much money to the regions - that money is not coming into the city's coffers. It is coming into the businesses in the region.
The figure that would interest me is . . . how much tax revenue goes to the city/county coffers and then compare that to how much municipal government(s) have had to spend to meet Smith's demands - and how much tax revenue was forgiven/deferred/lost due to contract negotiations. I am sure Smith got tax breaks, right? So let's see how much the municipal government actually "made" on this deal.
While that statement may be true - that the racetrack "brings in" that much money to the regions - that money is not coming into the city's coffers. It is coming into the businesses in the region.
The figure that would interest me is . . . how much tax revenue goes to the city/county coffers and then compare that to how much municipal government(s) have had to spend to meet Smith's demands - and how much tax revenue was forgiven/deferred/lost due to contract negotiations. I am sure Smith got tax breaks, right? So let's see how much the municipal government actually "made" on this deal.
And for this reason alone, Concord/Cabarrus needs to raise taxes. There is no other way out of this one being that they (local leaders) promised Bruton $$$$$ in writing.
Although this is big charlotte news it doesnt have much to do with charlotte really. Yet most of the people responding say they are from charlotte or elsewhere- not concord. I think the real issue is who Cab. county residents should vote for. If you live anywhere else, well, you know what they say about opinions. Lets read what Concord people have to say and mind our own.
Although this is big charlotte news it doesnt have much to do with charlotte really. Yet most of the people responding say they are from charlotte or elsewhere- not concord. I think the real issue is who Cab. county residents should vote for. If you live anywhere else, well, you know what they say about opinions. Lets read what Concord people have to say and mind our own.
Although this is big charlotte news it doesnt have much to do with charlotte really. Yet most of the people responding say they are from charlotte or elsewhere- not concord. I think the real issue is who Cab. county residents should vote for. If you live anywhere else, well, you know what they say about opinions. Lets read what Concord people have to say and mind our own.
So the thousands of dollars I pump into Concord and Cabarrus every year, the hundreds of miles I drive on thei roads, and the tons of friends I have living there doesn't qualify me as being allowed to talk about it? Hmm.
Why complain about Bruton? He had a contractual agreement that apparently is not being followed by the county. He is doing what any prudent corporate CEO would do. Any corporate CEO that would not sue an entity for not fulfilling a contract should be immediately replaced by the board that elects them.
The racetrack area could survive without the speedway now but would have never been developed without it. It is not a coincedence that the road is named after him - none of that would be there without the speedway.
Not to mention, the speedway and dragway were constructed and developed with PRIVATE money. The support needed from the taxpayers is for infrastructure development on property not owned by Bruton.
Who do you think paid for Bobcats arena? Taxpayers. Not the speedway!
Blame should be passed onto the county leaders that signed a contract that they apparently cannot follow through with at this time.
Finally:
1.) Bruton would move the speedway and many governments would pay to build it.
2.) If the speedway was not good for Concord/Cabarrus county, would the leaders have agreed to the infrastructure development?
3.) There is a huge tax benefit to the county due to the speedway. The revenue spent in the speedway area - during race weeks and non race weeks - is huge and can all be contributed to PRIVATE development dollars to build the speedway.
Has anyone paid attention to the dollars returned to our local communities by Speedway Children's Charities? Huge dollars!
I am familiar with a program funded by the charity that allows mentally and physically handicapped children play athtletic sports.
Tell those kids that they no longer have funding!
Just show me a P&L statement . . . I wanna see what the municipality has had to concede and what real revenue has come into the municipality.
Of course other entities have benefitted from the speedway being there, but lots of $$$ was also spent/allocated in infrastructure.
So the bottom line is always the bottom line - as far as money.
The bottom line as far as Bruton Smith's attitude is also what it is. And frankly, I don't find it too attractive. He is surely making his cut.
ETA: Bruton Smith did not put his $$ into the deal b/c he is a philanthropist. He is an INVESTOR. Yes, his investments have drawn in business and revenue . . . but if the county had to give away the farm to get the milk, now that isn't playing nice, is it? Fine if he wants to be a shark . . . his right as a businessman, I suppose. But don't expect folks to clamor to crown him Lord of the Land - and feel all warm and fuzzy about his business tactics - and his attitude.
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Don't kid yourself
