Charlotte settles lawsuit with one of two local governments

Charlotte Motor Speedway and parent company Speedway Motorsports Inc. have settled a lawsuit with one of the two local government entities they sued over incentives originally valued at $80 million.

The lawsuit, originally filed in 2009, was re-filed last month against the City of Concord and Cabarrus County, the city and county where the track is located.

The City of Concord issued a news release Wednesday stating it had settled with the speedway. The county has not yet announced any settlement.

Track and city officials agreed that the city of Concord will pay $2.8 million over three years to purchase plans and easements to address traffic congestion on nearby roads. There also is an agreement to help streamline the purchase of right-of-way areas near the Speedway property.

The news release stated that the track, its dirt track and drag strip attracts 1.25 million fans, vendors and participants each year, with the total economic impact of all races of more than $340 million.

“The agreement will allow both Concord and Charlotte Motor Speedway to move forward with the good relationship enjoyed for many decades and ensure continued success in the future," the news release stated. Scenedaily.com