Toyota purchase to be finalized in next 30 days
Toyota plans to complete within the coming month its purchase of a Rowan County tract for a NASCAR support facility.
“We expect to finalize the purchase within the next 30 days,” said Jim Aust, president of Toyota Racing Development and vice president of motorsports for Toyota Motor Sales U.S.A.
“Toyota has a philosophy of locating operations where it does business and as a result, we have 15 manufacturing facilities in North America,” Aust continued in a news release. “When it comes to NASCAR, we wanted a location accessible to all our teams, and the Rowan County project provides the best opportunity. Obviously, we’re committed to a long-term relationship with the sport.”
Rowan County commissioners on Tuesday approved a tax rebate program for Toyota. The county will rebate 75 percent of property taxes paid by Toyota for a period of five years. Based on the $22 million investment, the total rebate is projected to be $519,000.
Toyota is purchasing an 89-acre parcel in Rowan County on which it will build its new NASCAR support facility.
The land is situated off Peach Orchard Road. It is the W.A. Cline property.
Toyota plans to build a 35,000-square-foot facility that will house Toyota Racing Development’s NASCAR competition group as well as a chassis engineering operation. Construction is expected to begin later this year with a completion date targeted for late 2008.
The facility will employ between 40 and 50 people. Toyota plans to use less than half the land and will sell the remaining acreage.