Miller Motorsports Park sale vacated by judge
12-18-2015, 08:28 AM
#2
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“One specific number they (Mitime) threw in during the negotiations was 270 million dollars of additional investment in the property itself over the next decade,” said Tooele County Commissioner Shawn Milne in August.
However, attorneys for the plaintiff challenged that position, saying Thursday: "Grandiose plans are irrelevant: only money matters."
Hmmm.
However, attorneys for the plaintiff challenged that position, saying Thursday: "Grandiose plans are irrelevant: only money matters."
Hmmm.
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www.peterkrause.net
www.gofasternow.com
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Specializing in Professional, Private Driver Performance Evaluation and Optimization
Consultation Available Remotely and at VIRginia International Raceway
12-18-2015, 08:45 AM
#3
WRONGLY ACCUSED!
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If the Chinese buyers were really looking to put an average of $27M into the property over the next ten years they could simply pay the highest asking price and get tax incentives or other concessions to make the money even out and become the highest bidder.
I deal with a lot of foreign buyers in NYC and they have zero sentimentality when making their investments. While almost all investors want a return some people and companies get hung up on owning "trophy properties".
Bottom line - overseas buyers are here for a return and that is it. If there was a more profitable use other than a race track it would vaporize in a heartbeat.
I deal with a lot of foreign buyers in NYC and they have zero sentimentality when making their investments. While almost all investors want a return some people and companies get hung up on owning "trophy properties".
Bottom line - overseas buyers are here for a return and that is it. If there was a more profitable use other than a race track it would vaporize in a heartbeat.
12-18-2015, 01:39 PM
#6
Rennlist Member
If the Chinese buyers were really looking to put an average of $27M into the property over the next ten years they could simply pay the highest asking price and get tax incentives or other concessions to make the money even out and become the highest bidder.
I deal with a lot of foreign buyers in NYC and they have zero sentimentality when making their investments. While almost all investors want a return some people and companies get hung up on owning "trophy properties".
Bottom line - overseas buyers are here for a return and that is it. If there was a more profitable use other than a race track it would vaporize in a heartbeat.
I deal with a lot of foreign buyers in NYC and they have zero sentimentality when making their investments. While almost all investors want a return some people and companies get hung up on owning "trophy properties".
Bottom line - overseas buyers are here for a return and that is it. If there was a more profitable use other than a race track it would vaporize in a heartbeat.
12-22-2015, 08:48 PM
#7
Trending Topics
12-23-2015, 12:33 PM
#9
Originally Posted by chartersb
Maybe they'll start building Volvos in Utah. It's halfway between Shanghai and Gotberg.
01-08-2016, 01:42 PM
#10
some good news for locals, looks like we get a 2016 season!
that is unless some joker sues the county to vacate the lease...
Tooele County moves to preserve the 2016 racing season at the property known as Miller Motorsports Park.
(Tooele County) - In light of the District Court’s decision on December 17, 2015, Tooele County has decided to restart the process of preparing the property known as Miller Motorsports Park (MMP) for sale. The court was not convinced that the property appraisal was accurate and, therefore, Tooele County believes that it must have a new evaluation of the property conducted prior to sale. This process, as well as other preparations, will take a number of weeks.
The Tooele County Commission has determined that it must immediately hire a company with the necessary professional and technical expertise to manage the racetrack in order to preserve the operation of Miller Motorsports Park, its employees, the 2016 racing season, and the businesses dependent upon it. Tooele County acknowledges that there are other companies that could manage the racetrack if provided sufficient time for preparation. However, based upon the time constraints relating to the motor racing season, Tooele County has determined that only one company is immediately prepared to manage the racetrack.
Tooele County has agreed to hire Utah Motorsports Campus, Inc. (UMC) to manage the property, pending the sale. This is a one-year agreement that may be terminated by either party with 60 days’ notice and will terminate automatically upon the sale of the property by Tooele County. Prior to the court’s decision, UMC was prepared to begin operating the track beginning on January 1, 2016. It has already scheduled events for the facilities and hired employees to operate the facility. Because of its preparations, UMC is clearly the best option to immediately operate the facility on a temporary basis.
The management agreement has the benefit of preserving the value of the property and retain valuable jobs for the county’s residents, but does not commit Tooele County to sell the property to Utah Motorsports Campus or its affiliates.
that is unless some joker sues the county to vacate the lease...
Tooele County moves to preserve the 2016 racing season at the property known as Miller Motorsports Park.
(Tooele County) - In light of the District Court’s decision on December 17, 2015, Tooele County has decided to restart the process of preparing the property known as Miller Motorsports Park (MMP) for sale. The court was not convinced that the property appraisal was accurate and, therefore, Tooele County believes that it must have a new evaluation of the property conducted prior to sale. This process, as well as other preparations, will take a number of weeks.
The Tooele County Commission has determined that it must immediately hire a company with the necessary professional and technical expertise to manage the racetrack in order to preserve the operation of Miller Motorsports Park, its employees, the 2016 racing season, and the businesses dependent upon it. Tooele County acknowledges that there are other companies that could manage the racetrack if provided sufficient time for preparation. However, based upon the time constraints relating to the motor racing season, Tooele County has determined that only one company is immediately prepared to manage the racetrack.
Tooele County has agreed to hire Utah Motorsports Campus, Inc. (UMC) to manage the property, pending the sale. This is a one-year agreement that may be terminated by either party with 60 days’ notice and will terminate automatically upon the sale of the property by Tooele County. Prior to the court’s decision, UMC was prepared to begin operating the track beginning on January 1, 2016. It has already scheduled events for the facilities and hired employees to operate the facility. Because of its preparations, UMC is clearly the best option to immediately operate the facility on a temporary basis.
The management agreement has the benefit of preserving the value of the property and retain valuable jobs for the county’s residents, but does not commit Tooele County to sell the property to Utah Motorsports Campus or its affiliates.
