Speedway Bonds Sold; Construction Underway

26 January 1999

Speedway Bonds Sold; Construction Underway

    KANSAS CITY, Ks.--Jan. 25, 1999--The Unified Government of Wyandotte County/Kansas City, Kansas is pleased to announce that the financing for the Kansas International Speedway was completed today with the long-awaited sale of bonds in the New York marketplace.
    Sales tax bonds in the amount of $24,300,000 and tax increment financing in the amount of $71,340,000 were sold to institutional and retail investors. Project construction for the state-of-the-art facility will now gear up to full-speed as weather permits. The mile and a half oval track is being built near Interstates 435 and 70 in western Wyandotte County.
    "The caution flag has finally been lifted," said Mayor/CEO Carol Marinovich. "Our hearts are racing even faster now in anticipation of the opening event. This would not have been possible without the public/private partnership between Kansas International Speedway Corporation, the State of Kansas, and our community."
    One hundred percent of the property in the development area has been acquired, and the construction is proceeding. The Kansas International Speedway Corporation's equity in the project of over $75 million further strengthens the project by providing additional amenities for the racing fans, and makes Kansas International Speedway a world class facility.
    "This is a memorable and exciting day for all those people who have worked so long and hard to make the Kansas International Speedway finally become a reality," said Lesa Kennedy, executive vice president for International Speedway Corporation (ISC) . "Mayor Marinovich and her staff as well as the entire Unified Government of Wyandotte County have gone above and beyond the call of duty to make this happen. We are proud to be partners and now neighbors of Wyandotte County and the State of Kansas, and we are excited to be part of such an enthusiastic and growing community."
    Kansas International Speedway Corporation is a wholly owned subsidiary of International Speedway Corporation (ISC). ISC is a leading promoter of motorsports activities in the United States, currently promoting more than 80 events annually.
    The company owns and/or operates five premier motorsports facilities, icnlduing Daytona International Speedway in Florida (home of the Daytona 500), Talladega Superspeedway in Alabama, Phoenix International Raceway in Arizona, Darlington Raceway in South Carolina and Watkins Glen International in New York.
    Other track interests include the operation of Tucson (AZ) Raceway Park, a 45% stake in Miami-Dade Homestead Motorsports Complex and an approximate 11% holding in Penske Motorsports Inc. . The company also owns and operates MRN Radio, the nation's largest independent sports radio network, and DAYTONA USA, the award-winning "Ultimate Motorsports Attraction" in Daytona Beach, Fla.