Bruton Smith, owner of Lowe’s Motor Speedway is suing Concord and Cabarrus County, demanding a faster response on paying him for $4 million of road work his company has done around the track and drag strip in Concord.
The lawsuit, filed Thursday in Cabarrus County Superior Court, says city and county officials have tried to delay reimbursing him for that work, which was part of an $80 million package they agreed on in 2007.
In November 2007, Smith and the county agreed to a deal in which Smith would build a $60 million drag strip and make $200 million in speedway upgrades in exchange for $80 million in road and other improvements around the track.
The two sides made the agreement after Smith threatened to move the speedway. He was upset about a Concord City Council vote to block the drag strip’s construction due to noise and traffic issues.
Smith’s lawsuit claims that in August 2008, city and county officials submitted an agreement that contained terms not agreed upon in 2007.
The new terms said Speedway Motorsports Inc., Smith’s business, would spend tens of millions of dollars in improvements within three years, but would not be fully reimbursed for up to 40 years.
Smith turned down that deal, according to the lawsuit, and no formal agreement has been reached. The lawsuit asks that Concord and Cabarrus County “take all necessary action” to finalize the deal.
Speedway Motorsports has improved roads around Lowe’s Motor Speedway and worked on lowering the noise at Smith’s nearby zMax Dragway, which opened in 2008.
Speedway Motorsports, in a letter to Concord and Cabarrus officials in September 2008, said it spent $2.8 million at the drag strip and around the speedway.
The lawsuit then put the total figure at about $4 million. Smith has said reimbursement for that work is due within three to five years.
Concord City Manager Brian Hiatt and County Manager John Day say their governments had not paid the bills because there was no formal incentive deal.
Charlotte attorney Bill Diehl filed the lawsuit.