johnjzjz
02-20-2007, 07:37 AM
Motorsports park revs up: Construction could start soon
By JOSEPH P. SMITH
Staff Writer
jsmith@thedailyjournal.com
MILLVILLE -- Gov. Jon S. Corzine gave the New Jersey Motorsports Park project an added plug Friday.
Corzine held a special signing ceremony at the Wheaton Arts and Cultural Center for legislation creating the state's first sports entertainment district.
Construction could commence within two months, according to officials.
"It's something that is about economic development," Corzine said. "It's about community development. It's about giving hope and opportunity in the days and years ahead, and I'm proud to sign the bill."
Corzine, who first backed the project as a U.S. senator, said the park should benefit the state as a whole.
"It's going to be a true thunderbolt for the East Coast," he said, a play on words based on the park's Thunderbolt Raceway.
The governor, who arrived in a white limousine, brought state General Assembly Speaker Joseph Roberts with him.
Corzine actually had signed the same bill in his office three weeks ago. Sponsors and supporters pushed for a more public display, though.
The entertainment district is to provide sales tax revenue to cover some of the construction and engineering costs of the $100 million motor sports-themed facility.
That is a key financial component for the park, whose backers hope to break ground in 30 to 60 days.
The park is to be built on about 706 acres at and near the municipal airport in three phases. The project has unanimous support from city government, Cumberland County officials and area legislators.
Lee Brahin, one of three principal investors, sat in on the signing, but did not speak.
Earlier Friday, Brahin said the Federal Aviation Administration still must sign off on using airport land for the park. That is expected shortly.
"There is a small amount of environmental work that will be done through Brownfields funding on Phase I," Brahin said. "That encompasses maybe 6 acres."
Developers are trying to coordinate that with Millville and the state Department of Environmental Protection.
"Ideally, we'd like to close on the property and have those efforts take place in the course of construction," he said. "Nothing in the first phase seems to be major or expensive."
Assemblyman Jeff Van Drew, D-1, was a prime sponsor of the bill.
"We have a governor who knows what the bottom line is," Van Drew said. "And the bottom line is economic development."
Corzine said lobbying has been constant, and even annoying.
"I should also mention Freeholder Director Doug Rainear and the irrepressible Lou Magazzu, who is on my case about as much as Don Fauerbach."
Basically, the law allows a 2 percent per item sales tax to be levied on top of the regular state sales tax.
The district falls within part of Millville's Urban Enterprise Zone. Inside the zone, most goods and services are subject to a sales tax half the normal rate of 7 percent.
In the district, goods and services will have a sales tax of either 5.5 percent (3.5 percent plus the 2 percent) or 9 percent (7 percent plus 2 percent).
The money that 2 percent raises goes into an account with the state to be used to defer construction costs.
"The most important part of this is to understand it's only at the airport," Van Drew said earlier in the week. "The people of Millville are not going to feel this."
The law actually is only a guideline.
City officials and developers are headed into talks with the state treasurer to work out a detailed spending plan. Some of the ideas date to the McGreevey administration.
The tax money can not be used to pay salaries, benefits or anything not connected with construction.
"We've given Millville a huge competitive edge," Van Drew said. "It's now up to them to use the competitive edge."
By JOSEPH P. SMITH
Staff Writer
jsmith@thedailyjournal.com
MILLVILLE -- Gov. Jon S. Corzine gave the New Jersey Motorsports Park project an added plug Friday.
Corzine held a special signing ceremony at the Wheaton Arts and Cultural Center for legislation creating the state's first sports entertainment district.
Construction could commence within two months, according to officials.
"It's something that is about economic development," Corzine said. "It's about community development. It's about giving hope and opportunity in the days and years ahead, and I'm proud to sign the bill."
Corzine, who first backed the project as a U.S. senator, said the park should benefit the state as a whole.
"It's going to be a true thunderbolt for the East Coast," he said, a play on words based on the park's Thunderbolt Raceway.
The governor, who arrived in a white limousine, brought state General Assembly Speaker Joseph Roberts with him.
Corzine actually had signed the same bill in his office three weeks ago. Sponsors and supporters pushed for a more public display, though.
The entertainment district is to provide sales tax revenue to cover some of the construction and engineering costs of the $100 million motor sports-themed facility.
That is a key financial component for the park, whose backers hope to break ground in 30 to 60 days.
The park is to be built on about 706 acres at and near the municipal airport in three phases. The project has unanimous support from city government, Cumberland County officials and area legislators.
Lee Brahin, one of three principal investors, sat in on the signing, but did not speak.
Earlier Friday, Brahin said the Federal Aviation Administration still must sign off on using airport land for the park. That is expected shortly.
"There is a small amount of environmental work that will be done through Brownfields funding on Phase I," Brahin said. "That encompasses maybe 6 acres."
Developers are trying to coordinate that with Millville and the state Department of Environmental Protection.
"Ideally, we'd like to close on the property and have those efforts take place in the course of construction," he said. "Nothing in the first phase seems to be major or expensive."
Assemblyman Jeff Van Drew, D-1, was a prime sponsor of the bill.
"We have a governor who knows what the bottom line is," Van Drew said. "And the bottom line is economic development."
Corzine said lobbying has been constant, and even annoying.
"I should also mention Freeholder Director Doug Rainear and the irrepressible Lou Magazzu, who is on my case about as much as Don Fauerbach."
Basically, the law allows a 2 percent per item sales tax to be levied on top of the regular state sales tax.
The district falls within part of Millville's Urban Enterprise Zone. Inside the zone, most goods and services are subject to a sales tax half the normal rate of 7 percent.
In the district, goods and services will have a sales tax of either 5.5 percent (3.5 percent plus the 2 percent) or 9 percent (7 percent plus 2 percent).
The money that 2 percent raises goes into an account with the state to be used to defer construction costs.
"The most important part of this is to understand it's only at the airport," Van Drew said earlier in the week. "The people of Millville are not going to feel this."
The law actually is only a guideline.
City officials and developers are headed into talks with the state treasurer to work out a detailed spending plan. Some of the ideas date to the McGreevey administration.
The tax money can not be used to pay salaries, benefits or anything not connected with construction.
"We've given Millville a huge competitive edge," Van Drew said. "It's now up to them to use the competitive edge."