ISC to hold off until 2007 to lobby of Wash. track? UPDATE: While the local business community is gearing up to let legislators know they want a racetrack in South Kitsap, an International Speedway Corp. official said Thursday the company might not heavily lobby the state Legislature for one until 2007. Susan Schandel, ISC's chief financial officer, said in a conference call with investment analysts Thursday that the company's option on the South Kitsap property has "quite a bit of time left on it." She said the company is hopeful of getting approval for its proposed funding package during the upcoming legislative session but acknowledged it might be tough during the short, 60-day session. The speedway's projected opening in 2010 would not be affected if the Legislature waited a year, Schandel said, because ISC would not begin developing the land until 2007. ISC has an option on 950 acres near the borders of Kitsap and Mason counties. The company plans to build an 81,500-seat stadium, plus luxury boxes for spectators, on a 1.2-mile oval and a 2-mile road course. In November the company offered a proposal to spend $166 million of its own money up front for the $345 million speedway. Another $13 million would come from taxes on ticket sales, while the other $166 million would come from sales taxes paid by out-of-state visitors coming to a race. Getting ISC's proposal approved by the Legislature would require a bill and someone to sponsor it. Rich Johnson, marketing consultant for ISC subsidiary Great Western Sports, said that sponsor has not yet been found.(Kitsap Sun)(12-17-2005) UPDATE: A proposal asking taxpayers to invest $166 million to build a NASCAR speedway in rural Kitsap County has stalled, at least for this legislative session. International Speedway Corp. officials conceded Tuesday that getting legislative approval for the racetrack appears unrealistic this year. Instead, the Florida-based company will pursue its proposal in the 2007 legislative session, said Grant Lynch, vice president of the International Speedway Corp. "The folks in Olympia have reiterated that they're in the middle of a short session with a lot of issues," he said. "We've heard from them. They don't want to consider the bill this session. And we understand that forcing the issue is not in the best long-term interest of our company." So far, the speedway company had been unable to find a sponsor for legislation publicly released Tuesday, which asks the state to split the upfront costs of building a $345 million motor-sports racetrack. The speedway company, which also would contribute $166 million in private funding and cover cost overruns, says the state's initial investment would be more than repaid by new tourism money collected from racing fans. An additional $13 million in construction bonds would be financed with a portion of admission taxes collected by Kitsap County. The proposed legislation would create a public speedway authority, which would use 0.0454 percent of the state sales tax revenue collected in Kitsap, Mason and Pierce counties to pay back construction bonds for 25 years. Some lawmakers believe the company has underestimated the challenges of getting 80,000 fans to a peninsula served by bridges and ferries. Lt. Gov. Brad Owen, a speedway proponent, said the company needs more time to sit down with legislators to explain the proposal. The company estimates the state would collect $43 million more in taxes from racing fans than it would need to pay back bonds. There has been lingering negativity over taxpayers' investment in Seattle's two stadiums, but that could be softened now that the Seahawks are in the Super Bowl. Rep. Jeff Morris, D-Anacortes, said NASCAR may well be a strong draw for millions of out-of-state dollars, but promoters need to firm up the proposal before the Legislature would back the plan. Trying to grasp the proposals that have come forward so far has been "like trying to capture the essence of a sand dune," he said. A previous deal to put a speedway in Marysville -- in which the International Speedway Corp. offered to chip in just $50 million -- fell apart after cost estimates to develop the site escalated. Sen. Tim Sheldon, D-Potlatch, whose district includes the speedway site, said the company needs to educate a wider cross section of legislators about the idea and work on its public financing proposal. Lynch, the speedway company's officer who plans to spend the next year meeting with decision makers in Olympia, said the company did find people who were interested in the bill and the speedway's economic benefits.(Seattle Post-Intelligencer/AP)