NASHVILLE, Tenn. (WTVF) — One of the country's oldest speedways could be getting a new look.
Lease and development agreements are now on the table for the racetrack out at Nashville Fairgrounds.
The Nashville mayor’s office has reached a lease and development agreement with Bristol Motor Speedway for the race company to manage, operate and maintain Nashville Fairgrounds Speedway.
The renovation plans for the track include the installation of a sound reduction wall, renovation of the racing surface, including modernizing driver and spectator safety features and rebuilding the grandstand to seat approximately 30,000 fans.
The Metro Fair Board chair Sheri Weiner said they received the plan on Tuesday and will be reviewing the proposal carefully.
"I want to make sure that the noise mitigation puts the neighbors in a better place tomorrow than they are today. And that it's sufficient and that their accountability measures in place in the event that those noise levels that have been identified are what should be appropriate moving forward."
The project will be funded by an up-front contribution of $17 million by the state of Tennessee — another $17 million from the Nashville Convention and Visitors Corporation.
And the Metro Sports Authority will issue 30-year revenue bonds to finance the speedway renovation.
Revenue to pay for these bonds is said to come from things like rent payments, taxes paid by venue patrons, sponsorship agreements and event revenues.
"This really is a true win, win win for the city of Nashville, our organization and racing sports fans," said Jerry Caldwell, president and general manager of Bristol Motor Speedway.
But there are some concerns which were expressed during the meeting.
"It’s going to take a lot to get to a fair deal that protects the community and it’s going to take this fair board a lot of work to really dig on the details to be transparent," said Jason Bergeron with Neighborhood impact advisory committee Nashville.
Bergeron says the company has to guarantee the full revenue bond debt so those payments don't fall on the taxpayers.
"That is the only way just like Nashville SC guarantees the cost of this stadium fully, otherwise you never know what’s going to come down the road if revenues fall short and has to break those limits."
This proposal will need to pass the Fair Board and then go to Metro Council for consideration.
