State Rep. Rocky Adkins to sponsor bill to help attract NASCAR Sprint Cup Series to Kentucky
FRANKFORT, Ky. (Feb. 17, 2009)–Gov. Steve Beshear today voiced his support for an amendment to the Kentucky Tourism Development Act to add a new eligible category of so-called “legacy expansion” projects.
At a Capitol news conference, Gov. Beshear and bill sponsor House Majority Floor Leader Rocky Adkins were joined by representatives of Speedway Motorsports, Inc. to discuss the positive impact this legislation would have on the future of motorsports in Kentucky.
Bruton Smith, chairman and CEO of Speedway Motorsports, Inc., owner of Kentucky Speedway, and Jerry Carroll, consultant to Speedway Motorsports, Inc. said today that passage of this legislation would put Kentucky in position to host the NASCAR Sprint Cup Series, that sanctioning body’s top racing series.
“The impact of a NASCAR Sprint Series Cup race for Kentucky is undeniable,” Gov. Beshear said. “NASCAR is the number one spectator sport in the United States and is broadcast in more than 150 countries and 30 languages. I’m excited about the potential of Kentucky joining these ranks.”
Under the proposed legislation, legacy expansion projects must conduct events that are in the top league, series or sanctioned level of their type of event, provide permanent seating for 65,000 spectators and be broadcast nationally. The venue must have previously been approved for incentives and the expansion project must exceed $30 million and present one or more “premier events” not previously held in Kentucky.
“I am hopeful that this legislation will receive favorable consideration in light of the significant impact landing a NASCAR Sprint Cup Series race at the Kentucky Speedway would have on our economy,” Rep. Adkins said. “The governor and his staff are to be commended for pursuing this exciting opportunity for Kentucky.”
The legislation, which Rep. Adkins plans to file next Monday, would also expand the availability of time over which the tax credits can be taken for the original investments made and the significant expansion at the Kentucky Speedway.
