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Post by leep0545 on Mar 12, 2015 19:49:29 GMT -6
the way I have read the stories coming out of the Topeka newspaper there are 3 or 4 individuals or firms who have applied to operate the track not to attempt a purchase. I find it very hard to see how someone who has a lease to operate the facility would invest anywhere near 7 million dollars in improvements when they are renting the facility not buying it.
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Post by leep0545 on Mar 12, 2015 19:51:20 GMT -6
to purchase the track along with the 700 plus acres it sits on would take someone with VERY deep pockets.
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Post by leep0545 on Mar 17, 2015 9:09:05 GMT -6
the Topeka city council was to have met last night and had the final vote to purchase heartland park. they have decided to kick the can down the road and wait until after the election and let the new city council make this decision on April 14th!
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Post by leep0545 on Apr 6, 2015 19:03:58 GMT -6
it has been announce because it is still up in the air whether or not the city of Topeka will buy the track ALL weekly racing dates (circle and drag) have been cancelled. the current manager did state that as of now the flagship event the NHRA Kansas Nationals scheduled for May is still on.
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Post by dennismopar73 on Apr 6, 2015 19:39:44 GMT -6
Well it appears the racetrack maybe headed to extinction
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Post by moparsz on Apr 6, 2015 19:44:27 GMT -6
Well it appears the racetrack maybe headed to extinction I think you say that about every track
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Post by dennismopar73 on Apr 6, 2015 21:19:11 GMT -6
Yep Who would have thought this would have happened in the first place
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Post by dennismopar73 on Apr 7, 2015 20:51:00 GMT -6
Interesting reading Seams the track is in deep threat of foreclosure since Feb And the city is alleeady on the hook of taxpayers to the time of over 10 mill The city may feel pressured to purchase the track but at more tax dollars to tune of over 5 mill more And allowing the same owner to further sink the ship and the city What a mess
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Post by leep0545 on Apr 8, 2015 7:18:33 GMT -6
actually if the sale of the bonds gets final approval by the Topeka city council the current owner would get something approaching 2 million dollars to walk away from the track and the bank would receive the remaining 3 million or so to satisfy the loan and the city would be the owner and lease it out for the present time. IMO this facility can never break even just as a drag strip with weekly races and one national event for revenue. To make it viable financially the owner (whom ever it is) has got to make better use of the facility and its 700 some odd acres. the promoter has got to have some kind of event happening there all the time and or development the large amounts of unused property adjacent to the track.
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Post by dennismopar73 on Apr 8, 2015 8:26:52 GMT -6
actually if the sale of the bonds gets final approval by the Topeka city council the current owner would get something approaching 2 million dollars to walk away from the track and the bank would receive the remaining 3 million or so to satisfy the loan and the city would be the owner and lease it out for the present time. IMO this facility can never break even just as a drag strip with weekly races and one national event for revenue. To make it viable financially the owner (whom ever it is) has got to make better use of the facility and its 700 some odd acres. the promoter has got to have some kind of event happening there all the time and or development the large amounts of unused property adjacent to the track.[/quote The tax payers loose big. At the tune of over 15 mil
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Post by dennismopar73 on Apr 8, 2015 9:00:45 GMT -6
It's a bad deal for anyone including the city which is all ready deep in the place im sure the bank don't want to forclosed as yet because the facility owes more than it's worth to the banks and to the city just no viable option Unless it goes thru bankrupt and a developer buys it And dismantled parts of the huge land with it At close to 700 ac thats a lot of land unused I just don't see anything good coming out of the dragstrip part it's a shame. But truthful
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Post by leep0545 on Apr 8, 2015 9:10:01 GMT -6
As you also know there is an individual with very deep pockets who loves drag racing (land and boats)and his company spends millions sponsoring race teams,race venues,racing series,and also owns some racing facilities. My understanding is he never over pays for anything but if he could negotiate a good price for Heartland park that would be the answer.
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Post by leep0545 on May 6, 2015 4:09:34 GMT -6
Topeka city council took its final vote last evening on the purchase of Heartland Park. Unfortunately the vote was 6-4 to NOT go thru with the purchase. The NHRA has cancelled its contract with the city but will proceed with the Ks. Nationals on May 22 as the operator and promoter of the facility and the event. After the Kansas Nationals if no buyer steps forward most people in the know think the facility will go dark! SAD!
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Post by dennismopar73 on May 6, 2015 5:40:30 GMT -6
Topeka city council took its final vote last evening on the purchase of Heartland Park. Unfortunately the vote was 6-4 to NOT go thru with the purchase. The NHRA has cancelled its contract with the city but will proceed with the Ks. Nationals on May 22 as the operator and promoter of the facility and the event. After the Kansas Nationals if no buyer steps forward most people in the know think the facility will go dark! SAD! It is sad indeed But the city cannot afford to keep throwing money at a buisness that has lost millions in tax dollars from its residents One will hope a privite investor will step up but with the overwhelming debt of over15 million Very doubtful til foreclosure which is the next step
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