Concord To Pay Speedway Owner $2.8M

The on-again-off-again dispute between the city of Concord and speedway owner Bruton Smith appears settled for good. The Charlotte Observer reports Concord will pay $2.8 million to settle a lawsuit by Speedway Motorsports Inc that claims the city breached a contract to pay development incentives. Back in 2007, Smith threatened to move the speedway unless the city dropped its objections to plans for an adjacent drag strip. Concord and Cabarrus County leaders went on to offer Smith an $80 million incentives package. From the Observer: "The two sides later disagreed on whether that package was ever finalized, even as Smith proceeded with engineering and related studies for transportation improvements around the busy corridor. "This (settlement) closes one chapter and should restore the excellent relations we've had with Speedway Motorsports for these many years," Concord Mayor Scott Padgett said. More from the Charlotte Observer.