The owners of Gateway International Raceway say their plan to sell the shuttered Madison racetrack is being held up by millions of dollars they owe in property taxes for the year. They're asking for a tax break to get the track sold.
"We've had a lot of interest, but we're waiting until we can talk more with the other landlords and the county assessor," said Mike Tatoian, executive vice president for Dover Motorsports Inc., the Delaware firm that owns the 150-acre site just off Illinois State Route 203. "The plan is still to get it to market."
The company closed the Madison raceway following a NASCAR Nationwide Series race on Oct. 23. It had been open since 1997. Officials said the oval didn't make enough money.
The company owns the track and more than half of the surrounding area; it leases the rest from four other property owners.
The St. Clair Assessor's Office says Dover owes $2.5 million in taxes for the year.
Tatoian said Dover is looking into appealing the amount to the St. Clair County Board of Review, which could lower the what is owed.
Madison Mayor John Hamm said any reduction would hurt the city's finances.
The city is already bracing for a drop in money that would have been generated through a tax on tickets. That would have totaled $200,000 for the year, Hamm said.
"Along with the state making late payments, this will have a tremendous impact on our general fund," he said.
The track is also on three parcels in Madison County. Dover owes about $10,000 in property taxes for those pieces as well.
Tatoian would not talk about how much money they want reduced or when they'll file paperwork.
Their deadline to appeal is Dec. 21.
The track is valued at about $58 million, according to St. Clair County tax records.
Dover also owns tracks in Delaware and Nashville.
I wonder about tax breaks that are now due from years back - this is never mentioned
"We've had a lot of interest, but we're waiting until we can talk more with the other landlords and the county assessor," said Mike Tatoian, executive vice president for Dover Motorsports Inc., the Delaware firm that owns the 150-acre site just off Illinois State Route 203. "The plan is still to get it to market."
The company closed the Madison raceway following a NASCAR Nationwide Series race on Oct. 23. It had been open since 1997. Officials said the oval didn't make enough money.
The company owns the track and more than half of the surrounding area; it leases the rest from four other property owners.
The St. Clair Assessor's Office says Dover owes $2.5 million in taxes for the year.
Tatoian said Dover is looking into appealing the amount to the St. Clair County Board of Review, which could lower the what is owed.
Madison Mayor John Hamm said any reduction would hurt the city's finances.
The city is already bracing for a drop in money that would have been generated through a tax on tickets. That would have totaled $200,000 for the year, Hamm said.
"Along with the state making late payments, this will have a tremendous impact on our general fund," he said.
The track is also on three parcels in Madison County. Dover owes about $10,000 in property taxes for those pieces as well.
Tatoian would not talk about how much money they want reduced or when they'll file paperwork.
Their deadline to appeal is Dec. 21.
The track is valued at about $58 million, according to St. Clair County tax records.
Dover also owns tracks in Delaware and Nashville.
I wonder about tax breaks that are now due from years back - this is never mentioned
