11/01/2010 Council Packet - Laserfiche WebLink

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• • • WS — Item 3 WORK SESSION STAFF REPORT Work Session Item 3 Date: November 1, 2010 To: City Council From: Mary Alice Divine Re: Motorsports Facility Background The city was approached by a development team, International Motorsports Entertainment Development Co. (IMEDC), who was invited to make a short presentation to the City Council at a work session on August 23. They have had interest for the past several years in a site within the metro area and their preferred site is in Lino Lakes. The council listened and expressed concerns about noise, traffic, and other negative impacts that this facility could have on Lino Lakes, as well as the potential economic benefits. The developers have since had one meeting with staff, and met with EDAC on September 30, giving essentially the same presentation as they gave to Council. EDAC made a recommendation that a potential $250 million facility merited further discovery. EDAC recognized that it's a very preliminary concept and there are a number of issues that must be thoroughly analyzed including traffic and noise, but it has the potential to generate significant economic development and tax base. Attached you will find a Phase 1 Business Plan submitted to the city from IMEDC. Phase 1 includes the racing facilities, possible adjoining or directly located hotels, an event and meeting center and support buildings. The plan provides more detail regarding the number and type of motorsports events that would occur. Listed in the plan: Facility Motorsports Events (Estimated) Oval • 4 Oval Major Event days. National events. Attendance per event 65,000 yrs 1 -2. o 90,000 per event yr 3 and after. o Loudest Events, most traffic and most spectators. Expect to meet Minnesota noise standards.