February 19, 2019...A Movieland Speedpark Lesson In Real Estate Transactions...
Today, as hundreds of you have already let me know, a sign was posted announcing the auction of the Chandler Raceway on March 20, 2019.
I CAN GUARANTEE THERE WILL BE NO AUCTION OF THE CHANDLER RACEWAY!!!
I own the property! When I bought the property, I also inherited the mechanics lien of approx 60K that was placed upon the property which is the reason for the auction announcement.
I have the funds sitting in escrow to pay off the mechanics lien AND other associated costs currently associated to the property.
AS A CONDITION OF RETIRING THE LIENS AGAINST THE PROPERTY, MY LENDER IS REQUIRING THAT I HAVE A CLEAN PHASE 1 ENVIRONMENTAL SITE ASSESSMENT (ESA) COMPLETED PRIOR TO RELEASE OF FUNDS TO RETIRE THE LIENS. THE ESA REPORT IS CURRENTLY BEING CONDUCTED.
The property, as a commercial motorsports facility, has probably had a gallon or two of motor oil and gasoline spilled on the grounds since it first opened 55 years ago. A contaminated property can cost millions of dollars in cleanup costs to a new buyer (me) IF an ESA is not completed prior to the final closing of a purchase.
Racing season will commence as I've stated.
THERE ARE NUMEROUS LEGAL WAYS TO CANCEL THIS SALE IF THE ESA FINDS PROBLEMS IN THE ENVIRONMENTAL STUDY.
It's full speed ahead for Movieland Speedpark! 1000%!!!
Jay Tinder
Media and Competition Director
ILLINI Midgets
Originally Posted by Avon Open Wheel fan:
February 19, 2019...A Movieland Speedpark Lesson In Real Estate Transactions...
Today, as hundreds of you have already let me know, a sign was posted announcing the auction of the Chandler Raceway on March 20, 2019.
I CAN GUARANTEE THERE WILL BE NO AUCTION OF THE CHANDLER RACEWAY!!!
I own the property! When I bought the property, I also inherited the mechanics lien of approx 60K that was placed upon the property which is the reason for the auction announcement.
I have the funds sitting in escrow to pay off the mechanics lien AND other associated costs currently associated to the property.
AS A CONDITION OF RETIRING THE LIENS AGAINST THE PROPERTY, MY LENDER IS REQUIRING THAT I HAVE A CLEAN PHASE 1 ENVIRONMENTAL SITE ASSESSMENT (ESA) COMPLETED PRIOR TO RELEASE OF FUNDS TO RETIRE THE LIENS. THE ESA REPORT IS CURRENTLY BEING CONDUCTED.
The property, as a commercial motorsports facility, has probably had a gallon or two of motor oil and gasoline spilled on the grounds since it first opened 55 years ago. A contaminated property can cost millions of dollars in cleanup costs to a new buyer (me) IF an ESA is not completed prior to the final closing of a purchase.
Racing season will commence as I've stated.
THERE ARE NUMEROUS LEGAL WAYS TO CANCEL THIS SALE IF THE ESA FINDS PROBLEMS IN THE ENVIRONMENTAL STUDY.
It's full speed ahead for Movieland Speedpark! 1000%!!!
You would do your phase one or core two sample before you move one once of soil or you are liable after the fact. And you would have used a Attorney to request those test so you are not liable. I hope you have a good insurance company because the next owner will sue you for clean up first.
Not trying to be an a-hole.
So when this place opens you all gonna shake his had.
I'm willing to give the guy a chance.
If he's willing to go through all this to get the place open and run it.
Look at all the b.s. Gas City & Paragon have gone through and their open.
Then the more power to him.
Most folks wouldn’t have the balls to go through the line of b.s. folks have thrown at him like he has.
When the track opens lets see how many of you admit you where wrong about this and track does well.
I'm optimistic as well; but I'm willing to let the man prove him self before I say anything.
This is like an old lesson I learned years ago.
Folks are more willing to say something about what you did wrong before give a chance to prove them self.
If Reno makes this a success I'll be the first to praise for the effort to get the facility open.
Seems like the track it's self has had a rough go of it over the years.
Just my opinion and thoughts on the matter.
The guy lives in California and hasn't even see the place yet and took a chance on it.
2024 Season: Race 1 - April 20th Brownstown (Crate LM). Unlike many I don't discriminate on what racing I choose to watch.
