The Tennessean from Nashville, Tennessee • A7

FROM PAGE ONE THURSDAY, AUGUST 4, 2011 -7A Nashville Superspeedway's owner open to sale said the race weekend crowds have drawn no better than other local events. "We don't tell that much difference one way or another," Mullinax said when asked if the speedway helped his business. Gannett Tennessee reporter Matt Anderson contributed to this report. BACKGROUND ON DOVER Split in 2002: Dover Downs International Speedway in Delaware became Dover International Speedway, as the gaming side of the company was split off into a separate operation that also trades its stock on Wall Street. Play the horses: The separate company operates a harness racing track, a slots operation and a hotel as Dover Downs Hotel Casino near Dover, Del.

Lebanon raceway: Meanwhile, Dover Motorsports kept the four auto racetracks the company had at the time, including the one in Wilson County that is now about to close. Nashville Superspeedway announced It will not be hosting any 2012 NASCAR-sanctioned events at the track in Gladeville. sanford myersthetennessean THE TENNESSEAN IMPACT FROM 1A "This is a working man's sport, and with the guys out of work, they're just not buying tickets." The dismal turn of events at the Gladeville racetrack comes as Dover, which trades on the New York Stock Exchange, has retrenched in the past two years by closing other auto 2011 SILVERADO ALL-STAR EDITION racetracks in Memphis and Madison, 111. (near St. Louis).

The company's revenues so far this year are down more than 11 percent nationally, or nearly $3.5 million, compared with a year ago. Dover Mo-torsports and a related company still operate a NASCAR track and a separate entertainment complex in Dover, Del. In Wilson County, the su-perspeedway has generated some $3.25 million in sales and property tax the past three fiscal years through June 30. But without any more races after this year, the value of the site could take a hit. McGlynn said Dover would be open to a sale of the superspeedway site.

The company sold its Memphis track last year and has offered the 150 acres it controls at the Gateway International Raceway for sale as well. Last fall, the company said it had several interested purchasers, but no deal has been announced there. "For somebody else who has tracks maybe this will be an opportunity for them," McGlynn added. Bonds seem secure A sports authority created by Wilson County issued $25.9 million in bonds in 1999 to extend water and sewer lines and other services to the speedway site. Of that, $21 million remains outstanding.

The authority is using sales and property tax revenues generated by the track to repay the bonds. Dover also was required to maintain a credit line currently from PNC Bank to cover bond payments in case tax revenues fell short. The bond deal stipulates that "neither the sports authority, Wilson County nor the state of Tennessee will have any liability with respect to the payment of such bonds," and that adequately protects taxpayers, officials said. "There's no financial obligation on (government's) part," said Aaron Maynard, the county's finance director. Even if Dover Motor-sports were to file for bankruptcy and that hasn't been discussed the chances are "extremely low" that the bonds wouldn't be paid off, a legal expert said.

"Odds are that (credit line) can't be touched" in a bankruptcy case and would be available to retire the bonds, said Larry Ahern, a partner in Burr Forman's Nashville law office. There have been other costs tied to the racetrack project through the years. The city of Lebanon used $750,000 in state economic development grants for improvements at the superspeedway in 2002 and 2003, state financial records show. Those grants don't have to be repaid. The bonds paid for such things as new utility lines, which local officials say helped support other commercial development in the county over a 10-year period.

"That is a benefit that will continue for us in Wilson County for years to come," said G.C. Hixson, executive director of the Joint Economic and Community Development Board of Wilson County. Now, Hixson said he and others are ready to help Dover market the property for redevelopment, if the company chooses that route. At least one local business person said the track hasn't provided much financial spark lately, though. Andy Mullinax, manager at a Ponderosa steak-house near Interstate 40, 0oo FOR APR APR 60 F0RUW MONTHS Financing for Qualified Buyers1 5.3LV8 3 AUTO LOCKING LOWEST COST OF REAR OWNERSHIP OF DIFFERENTIAL ANY FULL-SIZE PICKUP' V0RTEC5.3LV8 OR CHOOSE ALL-STAR EDITION DISCOUNT OF $1,485 PLUS CUSTOMER CASH2 OF $4,505 F0RAT0TAL VALUE2 OF $6,000 2011 CRUZE LS LOW-MILEAGE LEASE EXAMPLE FOR VERY WELL QUALIFIED LESSEES $169 PER MONTH 39 MONTHS $1,849 DUE AT SIGNING PLUS $350 DUE AT LEASE TERMINATION No security deposit required.

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