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Byline: Emily Heffter
Oct. 7--OLYMPIA, Wash. -- If the state wants a NASCAR speedway built in Snohomish County, it won't come cheaply.
State legislators yesterday heard for the first time what it could take to get racetrack developer International Speedway Corp. (ISC) to build a 75,000-seat track on a site between Marysville and Arlington.
Under a proposal jointly introduced by Snohomish County, the city of Marysville and ISC, the state and possibly the county would be asked to raise about $250 million through the sale of bonds to build the track, estimated to cost $300 million to build. The state would also foot the bill for road improvements around the track, including a possible new interchange on Interstate 5. No estimates have been made for the cost of those improvements.
The $250 million in bonds would be repaid with tax revenue generated by the track. The land would be leased to ISC, local officials said during a 90-minute legislative-committee meeting.
Under the proposal:
--The state and possibly the county would raise about $250 million through the sale of bonds to build the track. Bonds would be repaid with tax revenue generated by the track.
--The state would pay for road improvements around the track.
--The track developer would pay about $50 million toward the track's construction …