Atlanta's NASCAR Bid Finds Big Horsepower Down The Stretch; City Ups Ante to $77 Million

ATLANTA--March 1, 2006--Atlanta Mayor Shirley Franklin just took a top seat on the pit box with Governor Perdue by upping the city's original $5 million commitment to a whopping $77 million in support of the NASCAR Hall of Fame bid.

"To ensure the long-term success of the Hall of Fame for both NASCAR and the city of Atlanta, we propose, in conjunction with the Atlanta NASCAR Hall of Fame Committee, a new financing structure comprised of $102 million in government-backed financing. This financing package includes $25 million previously committed by Governor Perdue in State support and $77 million in the city of Atlanta support (including a $15 million grant from the city's Tax Allocation District program and $62 million in city-backed bonds)," said Mayor Franklin.

"Georgia's exceptional financial commitment coupled with our ability to immediately attract tourists from across the globe give us what I believe to be the winning bid for the NASCAR Hall of Fame," said Governor Sonny Perdue. "The state of Georgia and the city of Atlanta stand poised and ready to welcome NASCAR as the newest member of our family."

"We're absolutely delighted that Governor Perdue and Mayor Franklin see this effort as the true economic engine that we expect it to be," said Mark Lazarus, Chair of the NASCAR Bid Committee, President of the Turner Entertainment Group, a NASCAR partner. "We just found a whole lot more horsepower to go after the NASCAR Hall of Fame."

"This announcement shows how serious this city is about NASCAR," said Sam A. Williams, president of the Metro Atlanta Chamber of Commerce. "We're fortunate to have a mayor, a governor and NASCAR sponsors in the business community who are willing to lay it on the line to seize the right kinds of opportunities. Together, the NASCAR Hall of Fame, the Aquarium and a new World of Coke would create a whole new tourism industry for Atlanta -- and the entire state of Georgia."

"With Governor Perdue and Mayor Franklin solidly behind this effort, the new financial model presents Atlanta in an even stronger position as we continue negotiations with NASCAR officials today," said A.J. Robinson, President of Central Atlanta Progress, the organization that prepared and submitted the bid.

The original financial package proposed $30 million from the state ($25 million) and city ($5 million), another $30 million through conventional financing and the remainder of the then $92 million hall of fame price tag through corporate sponsorship.

According to Robinson, Mayor Franklin saw the long-term impact on the city from an economic standpoint and decided to make this one of the center pieces of her newly created economic plan through the Atlanta Development Authority. "I think the rippling effect that the Georgia Aquarium is having growth and the impact of new hospitality industry jobs was completely instep with Mayor Franklin's economic vision for this city."

"We think that NASCAR will find this model more to their liking just as much as they did with huge growth potential that Atlanta has to offer," said Lazarus. "Governor Perdue and the Georgia Legislature, Mayor Franklin and City Council have taken this effort to an exciting new level. Let there be no confusion, this state, city and business community want the NASCAR Hall of Fame."