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DATE News (chronologically)
09/08/10
track news
Staten Island site still an albatross around ISC's neck  Daytona Beach-based International Speedway Corp. and KB Marine Holdings have extended their negotiations on the sale of ISC's Staten Island property.

This is the second time the closing date for the deal has been extended, this time to Nov. 30, according to a news release from the companies Tuesday.

"Negotiations were still continuing," said Dan Houser, ISC chief financial officer. "We remain cautiously optimistic about this closing."

"The other party involved remains extremely interested in it," Houser said. "It's a great project, creating a deep-water harbor."

KB is offering $88 million with $32.6 million payable in cash at closing and a $54.4 million promissory note payable by Aug. 31, 2011. The note will have a market-based interest rate. If the note isn't paid, the property could go back to ISC and the $32.6 million wouldn't be refunded.

ISC doesn't expect the sale proceeds to result in a material gain or loss.

The racetrack operator bought the Staten Island property in 2004 with hopes of building a track there, but it was opposed by community groups and government officials, and the company gave up on the plan.

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