Further--
Gleaned from Lawrence Hayes' FB page...
"This just released from Pacific Raceways owner Jason Fioroto:
It’s been a few days now since I announced publicly that Pacific Raceways has been listed for sale. Since Friday, here are some of the main questions that have been asked; let me answer them:
Q: Why is the family selling the track?
A: After 54 years of ownership, we recognize that we have taken the project as far as we could. We have worked tirelessly with King County to set the stage for the next phase of redevelopment that includes the commercial development of property surrounding the racing and testing facilities. The development of projects of this size and scope require a level of resources that the family simply does not have. After exploring options that would have allowed continued ownership interest, we centered on the route that would provide our customers and the region with what they deserve, a first class racing operation paired with a job creating tech campus attracting global leaders in the automotive innovation industry.
Q: Who is the property being marketed to, and for how much?
A: We have contracted with CBRE and CFA (Corporate Finance Associates) to market the opportunity to a local, national, and international list of prospects. We are looking for the right buyer that will come in, take over, and realize the vision held by three generations of my family. We are interested in working with the new buyer(s), if they so desire, to provide management and consulting services to help with the transition and continued operation.
The property is being offered without a list price. We will entertain any offer and envision discussions and, ultimately, negotiations that establish a market price.
Q: Will the property be turned into housing?
A: The property in zoned Industrial, and has legislation that will allow the commercial development of a certain portion of the race track surrounding real estate. Reverting the property back to residential would generally be considered a down-zone and wouldn't realize the return on investment. Economics dictate that the continued operation of the racing business in partnership with developing the commercial real estate is the highest and best use of the property.
Q: Will improvements and upgrades continue with a new buyer?
A: We are very confident that the upgrades and improvements will greatly accelerate with new ownership. One of the main reasons for the sale is the realization that we just don’t have the resources to redevelop the property quickly enough. We believe it is our responsibility to pass the torch to someone that does. Everyone who has supported my family, and the project, deserves us doing whatever it takes to make good on our promises to provide the region with a world-class racing facility capable of re-attracting professional road racing and the job creating, innovation accelerating tech campus planned for the surrounding property.
Q: Is the race track a viable business operation?
A: It is no secret that operating the racing business has been taxing on my families resources. We have fed the operation for 12+ years now. Early on, it became apparent that developing the commercial real estate would be necessary to ensure long term viability. It took over a decade to craft and have passed legislation at King County that entitled the property’s ability to move forward. Now that the legislation is passed, and the State of Washington has designated our project as one of “Project of Statewide Significance”, the financial outlook for the property is extremely favorable. As stated before, it just takes a level of financial resources to develop that we simply don’t have.
I hope that by answering these questions I've been able to dispel some of the myths and rumors that circulate when an announcement of this type is made. I understand the level of concern and appreciate the positive comments. Thank you.
Jason Fiorito"