High Rock Raceway president, chief operating officer resigns

By Jessie Burchette

jburchette@Salisburypost

An Atlanta banker who became president and chief operating officer of High Rock Raceway in July has resigned.

Richard F. "Rich" Combs apparently left the post earlier this month.

Dave Risdon, the former Boston investment banker who has worked five years to build the track on the site of the former N.C. Finishing Co., said Combs resigned as the nation's financial meltdown started. Risdon is chief executive officer of the racetrack development company.

"He's an investor, it was a hard situation. É He needed to look after his own affairs," Risdon said Monday.

A racing enthusiast and businessman, Combs shelved plans to build his own racetrack near Atlanta to join the High Rock project.

He bought a town home at the planned track and had talked of moving here full time.

Using his banking experience, he spent weeks working to arrange a $30 million loan. In August, he announced the loan had been approved.

Risdon said Monday final details of the loan are being worked out. The fund managers are requiring verification of purchase agreements for the townhomes. Risdon said 92 verifications have been received, well in excess of the 72 required.

An official with the hedge fund is scheduled to visit Spencer and the track site Thursday.

Risdon said he hopes to replace Combs with someone who has a background in racing. "We're talking to somebody with tremendous experience," Risdon said, adding there is no firm agreement.

Risdon said he also is willing to partner with somebody in the racing business if the right opportunity presents itself.

And Risdon said the July date for the track opening may be a bit too aggressive.

"My hope is still that we get the loan closed in November, get the graders out in November. É July was really aggressive anyway," Risdon said.

Combs did not respond to calls from the Post.

While work continues on securing a loan and finding a new president, work on the racetrack site is at a virtual standstill.

Clearing and grading operations on the site in Spencer have ceased and no new permits have been obtained from the county.

The proposed track will feature 14 turns on a 2.15-mile road course with a 2,400-foot front straight, a 1,600-foot back straight and a paved paddock larger than 10 acres.

The project includes 120 town homes, and most have been pre-sold, track officials say.

The permitting process for the track and town homes could take several months once the plans are submitted to the county.

On Sept. 19, a High Rock official presented plans to the Rowan County Planning and Development Department for grading the entire 90-acre property east of U.S. 29.

Loyd Pace, a county code enforcement officer, said the staff took a look at the paperwork and realized it wasn't complete.

High Rock officials were notified in a Sept. 24 letter that they needed to pay a fee of $50 per acre, for a total of $4,500.

Pace said they also didn't supply the required financial responsibility forms that guarantee erosion control measures.

Pace said Frank McGuire, a partner in the racetrack, picked up the plans, but they have not been resubmitted.

Pace said the plans submitted and then withdrawn dealt primarily with grading for the town homes planned around the track.

Thus far, the county staff hasn't seen any plans for the town home project.

Pace said the grading for the track will apparently be dealt with in a separate plan to be submitted later.

Under a new procedure adopted by the Rowan County Board of Commissioners, the county contracts with a Mooresville firm to evaluate grading and erosion control plans involving large tracts.

The county has 30 days to review each set of plans.

McGuire said the plans are on his desk and there is no problem. He said Monday track officials are busy with the details of the loan.

In March, the county approved a clearing and grubbing plan for the 90 acres.

Pace said most of that work has been completed, including installation of settlement basins. He added that some ground cover is still lacking.

The Spencer Zoning Board of Adjustments granted a conditional-use permit for the racetrack in August 2007.

Two years earlier, in August 2005, the Rowan County Board of Commissioners approved a conditional-use permit for the racetrack, then called High Rock International Raceway. The partners later opted to seek voluntary annexation from Spencer and seek a permit there.

The project has been plagued by shaky finances and problems with federal, state and county regulatory agencies.