Attempt to lure NASCAR getting expensive.

Speaker Richardson is proposing some incentives to encourage NASCAR to build it’s Hall of Fame in Atlanta rather than Charlotte or Daytona. Here are some details:

The bill would exempt the hall of fame from state sales and use taxes on construction materials, an estimated saving of $6.4 million, on the proposed $92 million project near Centennial Olympic Park.

The state’s total incentive package, according to news reports, will include a $3 million grant and an $18 million loan from an economic development bond fund created by the legislature last session. The city of Atlanta will contribute $5 million. Bottom line is an estimated $32.4 million in incentives.

That may seem like a lot, but it’s chump change compared to what Charlotte is offering:

Atlanta has to compete with a huge pot of incentives by Charlotte. The estimated cost of the hall of fame designed by that city’s team is a whopping $137.5 million though it does include expansion of the convention center. From public funds, the city is offering a staggering $102.5 million in hotel/motel taxes and a $20 million donation of property to be used as collateral in financing the project.

That totals $122.5 million in Charlotte incentives.

There’s no doubt the NASCAR Hall of Fame would be a popular destination in Atlanta, and with the Georgia Aquarium, Phillips Arena, the Georgia Dome, etc… all located near Centennial Olympic Park, Shirley Franklin would be a happy lady. Are the incentives being proposed too much, too little or should they be offered at all?

3 comments

  1. 4ofspades says:

    I also believe it’s on track. I wouldn’t complain If Atlanta wanted to kick-in some hotel tax revenue to beef up the offer, they will be getting most of the benefit.

  2. Dignan says:

    The incentives shouldn’t be offered at all. This is the sort of thing that gives free-market capitalism a bad name; this is corporatism and is certainly not compatible with conservatism.

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