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Officials discuss $80M speedway incentives

Concord and Cabarrus County officials met this afternoon to work on details of their $80 million incentives package for Lowe's Motor Speedway owner Bruton Smith.

But there's a little more work to do, Concord Mayor Scott Padgett said shortly after the 1 1/2-hour closed-door meeting.

Padgett said there wasn't a particular sticking point, and city and county leaders were “looking at the overall document.”

“It continues to evolve,” he said. “It will get done, but I won't say when…. When you talk about a three-way agreement and attorneys and so forth, it just takes time.”

City and county leaders plan to meet again Aug. 14. The group eventually will present the deal to Smith and lawyers for his company, Speedway Motorsports Inc.

After both sides agree on the wording, the deal must be presented to the City Council and the county Board of Commissioners, which will hold public hearings.

Last November, the city and county agreed to provide incentives in an effort to persuade Smith to keep his speedway in Concord. Smith threatened to move after a dispute with Concord about building a drag strip. But he agreed to push ahead with the $60 million drag strip and another $200 million in speedway upgrades after receiving the incentives promise, mostly covering roadwork around the track.