The Charlotte City Council will vote to stick creditors with $22.8 million of debt owed for the NASCAR Hall of Fame. Debtors include NASCAR, Wells Fargo and Bank of America. Last year the NASCAR Hall of Fame only attracted 170,000 visitors which is a mere 230,000 short of the projected 400,000 visitors. Even after failing to pay debt obligations the NASCAR Hall of fame is projected to lose up to $500,000 per year. For the sake of the Queen City let’s hope debt projections fall short like they did for the attendance projections. Read all about it in the Charlotte Observer.
Now if you think Charlotte leaders have learned their lesson about “public investment” they are considering a sports complex for $37 million.
Charlotte has a population of 792,862 which is a mere 735,908 more people than Rocky Mount and they still fall short. Based on Charlotte’s plight does the Rocky Mount City Council still think they should spend taxpayer money for an event center?