State Under The Hood Of Daytona Funding Request
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DAYTONA (CBSMiami/NSF) – The state is now in the driver's seat to review Daytona International Speedway's application for a $90 million boost to renovate their racetrack.
Paperwork for the speedway reached the point where it was deemed complete Thursday, state Department of Economic Opportunity spokeswoman Jessica Sims said in an email.
A proposal from South Florida Stadium LLC, filing for the Miami Dolphins' home, Sun Life Stadium, was the first of four stadium-funding applicants to reach the review stage last Friday.
Under a new funding process crafted by state lawmakers earlier this year, applications were due Nov. 1. However, the review process doesn't begin until the paperwork is considered completed. The Department of Economic Opportunity's Division of Strategic Business Development continues to work with Jacksonville and Orlando to obtain information needed to complete their applications, Sims said.
"The information submitted by each applicant was complex and different," Sims noted in the email. The four venues are in a competition for this year's pot of $7 million in state sales-tax dollars for stadium projects.
The state agency is required to provide a list that ranks the applicants to the Legislative Budget Commission by Feb. 1.
Daytona International Speedway and South Florida Stadium are each seeking $3 million a year for 30 years. Jacksonville has requested $1 million a year for 30 years to improve EverBank Field, which houses the NFL's Jacksonville Jaguars. Orlando is asking for $2 million a year for three decades to help build a $110 million Major League Soccer stadium.
"The News Service of Florida contributed to this report."
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