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Title: | Racers and Racing |
Notice: | As long as it's not NASCAR or F1 or Drags... |
Moderator: | RHETT::BURDEN _D |
|
Created: | Tue Aug 08 1995 |
Last Modified: | Thu Jun 05 1997 |
Last Successful Update: | Fri Jun 06 1997 |
Number of topics: | 391 |
Total number of notes: | 4486 |
322.0. "New Motorsports Complex in L.A. area" by WFOV11::DOBOSZ_M () Tue Mar 30 1993 13:00
From: clarinews@clarinet.com (UPI)
Subject: Kaiser Steel Resources plans auto race track
Date: Mon, 29 Mar 93 17:11:16 PST
FONTANA, Calif. (UPI) -- Kaiser Steel Resources Inc. said Monday it
has agreed with a partnership to build a motor-sports racing complex on
the site of what was once the largest U.S. steel-making operation west
of the Mississippi River.
Kaiser Steel Resources, which was created out of the 1987 bankruptcy
of Kaiser Steel, said the race track could be in operation by early
1995.
Since being closed in 1983, the mill and its surrounding facilities
have been used for little except as movie sets depicting future blight
in movies such as ``The Running Man,'' ``Robocop'' and ``Terminator 2:
Judgment Day.''
``We view this as a project that will not only spur the future
redevelopment of the entire mill site property, but will also bring
world-class motor sports racing to Southern California,'' said Daniel N.
Larson, president.
The deal with Agajanian Prime Ventures calls for the partnership to
design and build a 360-acre complex with a one-and-a-half mile oval
track for NASCAR- and Indy-style races, a drag race facility, an
integrated road course and a separate short oval facility.
The partnership will fund the costs of permitting, developing and
operating the facility.
After the Kaiser mill stopped operating a decade ago, the steel
finishing and rolling mills were sold to California Steel Industries,
which recently decided to dismantle and reassemble part of the
facilities at a site in China.
Kaiser Steel Resources owns the rest of the 1,175-acre site,
including the coke ovens and blast furnaces, along with water rights and
the Eagle Mountain iron mine in the Mojave desert that it is trying to
turn into a rail-haul landfill.
Agajanian Prime Ventures includes Cary Agajanian, the eldest son of
the late racing promoter J.C. Agajanian; cable television executive Bill
Daniels, owner of regional sports cable network Prime Ticket; and Roger
L. Werner Jr., the head of Prime Ticket.
``There is no other facility in the world that brings all major forms
of motor sports into one complex,'' Agajanian said. ``This project will
retain automotive-related industries and will return Southern California
into the forefront of the world racing scene.''
Kaiser said it has signed a letter of intent with the partnership. It
said the letter was a precursor to a long-term lease agreement that will
include either a minimum rental paid to Kaiser beginning in mid-1995 or
a percentage of gross revenues, whihever is larger.
It also said demand for testing facilities, hotels, restaurants and
service facilities, as well as race-related industries could be
accommodated on the Kaiser site.
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