NASCAR Hall of Fame costs to rise 20%

The $163 million NASCAR Hall of Fame project in Charlotte s revving up a revised, higher cost of construction. City staff is rumored to tell council tonight that the budget has grown to $195 million, an increase of $32 million, or 20%. Leaders of the NASCAR Hall of Fame will present council a plan to pay for their updated wish list. The additions include upgraded exhibits, additional architectural flourishes and the installation of equipment designed to increase energy efficiency. Those elements are budgeted for $20 million, with the remaining $12 million targeted for the project’s already depleted contingency fund. Tim Newman, chief executive of the Charlotte Regional Visitors Authority, and NASCAR Hall of Fame executive director Winston Kelley plan to outline the changes and additions at the City Council meeting. Jim Schumacher, assistant city manager, serves as the city’s lead liaison on the hall of fame. Public funding, including a new 2% hotel tax and dedicated hospitality taxes, provide much of the funding for the hall of fame. The price tag includes an adjacent convention center ballroom and a 1,000-space parking deck. All of the projects are in Second Ward near the Charlotte Convention Center at 501 S. College Street. Schumacher says the projects are on schedule to open in May 2010. He expects council to approve the request to alter the budget. Business Journal of the Greater Triad Area