AURORA — One of two groups vying to build a speedway in the city is promoting the idea of asking voters to extend the stadium tax to help pay for the new track.
In an e-mail sent to associates June 1, Pat Hamill, owner of Oakwood Homes, said extending the sales tax, which is 0.1 percent, in Aurora would be “key to getting the facility built.”
That tax is set to expire in 2012. If it were extended in Aurora, it could generate roughly $125,000 annually.
Hamill said Wednesday that the tax extension might have to include Denver and the other counties already in the tax district. Currently, all counties in the metro area contribute to the stadium tax.
“We have a tradition in Colorado of using that (tax) to build public facilities such as Coors Field and Invesco Field at Mile High, so that would be a potential (for the track),” he said.
Hamill said he is meeting with Florida-based International Speedway Corp. this month to discuss a financing plan.
ISC officials have said their involvement with a track here is contingent on a public-private partnership.
Without ISC backing, it is unlikely a racetrack here could lure a Sprint Cup race — NASCAR’s premier series — which would be critical to a track’s survival, some say.
Ray Pittman, an ISC consultant based in Denver, said nothing has been finalized or even presented for consideration.
“Right now we’re evaluating all of those tools and trying to find the right mix of public-private partnership, and the right mix of financing tools,” he said. “No decisions have been made on which is the best plan.”
Hamill, who has been in discussions with Aurora officials for about two years, also hopes a new tourism bill would pump money into his project.
Recently signed by Gov. Bill Ritter, the Colorado Regional Tourism Act would direct sales-tax revenue generated directly from new attractions, such as a NASCAR track, to developers to help pay off construction bonds.
Hamill’s plans for a 2,500-acre parcel near Denver International Airport include a $400 million complex of commercial development centered on a speedway. He also envisions a conference center hotel for the property.
Behind closed doors, Aurora officials have said they do not want any “new” taxes to help pay for a racetrack in the city.
However, an extension of the current stadium tax might be easier to sell to voters because they are already paying it.
“I have always felt that extending the stadium tax in the metro area to support a major complex that could involve a NASCAR track and ideally a new home for the National Western Stock Show would be the best way to finance a project like that,” said Aurora City Councilman Larry Beer, adding that he was speaking only for himself.
Meanwhile, the second man in the race to build a new track, Colorado Springs developer Bill Schuck, said he met with Aurora officials about his proposal for the first time last week. His $200 million racetrack complex, which would be on 1,500 acres on the TransPort property near Interstate 70 east of E-470, does not have support from ISC, but Schuck said he doesn’t need it.
Schuck is also vying for funding from the tourism act but said he does not envision seeking other public tax revenue.
Carlos Illescas: 303-954-1175 or cillescas@denverpost.com
