http://www.stltoday.com/suburban-journal...a958eb9605.html
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Track redevelopment plan may hit snag
By Jim Merkel STLtoday.com | Posted: Thursday, September 22, 2011
A lawmaker says the investment group that wants to redevelop the shuttered Gateway International Raceway may not be able to use state money for the proposal.
"With the current potential buyer and his plans for that facility, there are not opportunities for them to avail themselves of state (funds)," said state Rep. Thomas Holbrook, D-Belleville, last week.
A development team headed by professional race car driver and real estate investor Curtis Francois earlier this month unveiled plans to lease the closed Illinois State Route 203 track and begin races in 2012. A press release said the group also wants to buy the property and work with state and local governments to create a redevelopment plan.
Susan Ryan, a spokeswoman for Francois, would not comment about how the project would be funded, including how much would rely on public financing. She said discussions continue about the scope of the redevelopment. No plans have been made.
"We're still ironing out those details," she said.
The track, which straddles Madison and St. Clair counties, closed in November. Track operator Dover Motorsports Inc. leased land from several property owners. Those agreements have since been terminated.
Madison Mayor John Hamm said reopening the racetrack is a major priority. The city received about $300,000 a year from ticket and sales tax revenue, as tax increment financing funds.
"We are for this track to run," he said.
Hamm also wouldn't talk about specifics of the redevelopment plan.
Reopening the track would create 50 full- and 300 part-time positions, according to organizers.
The new owner would also have to pay about $334,000 in back taxes to St. Clair and Madison counties, records show.
Ryan said their No.1 priority right now is getting racing lined up for next year.
"They are really working right now to secure the lease," she said. "They'll be working on plans after that."
The planned reopening already is helping businesses like Jim Riskovsky Automotive Engineering, 1300 State St. in Madison.
Drag racers who had held off getting work done because there was no place to race now are bringing their vehicles in, Riskovsky said. "Anybody who races competitively," he said, "they're going to be spending money."
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