Cayre proposes to spend $50 million to develop the site, which would be focused on a 3.2-mile asphalt track for both professional and amateur auto races. The complex would include other entertainment uses, a health spa, fitness center and business space to turn it into a year-round operation, Cayre told Cumberland County freeholders (commissioners) at the unveiling.

"This will significantly help the local economy," Cayre told the county freeholders, noting that it would bring revenues into the region and create nearly 200 jobs. "South Jersey is due."

The proposed project has a number of interesting angles, including the fact that it would be located in a federally designated empowerment zone, which would make the developer eligible for low-interest bonds. And if the state legislature ever gets around to passing the Sports and Entertainment District legislation that was on the table for most of last fall (the new arena for Newark was the key issue), N.J. Motorsports would likely be eligible to use sales tax revenues as a financing mechanism.

Primary financing would likely come through the Cayre family's own real estate interests. The New York-based Cayre's various real estate holdings and other business interests are scattered around the Northeast

In unveiling his proposal, Cayre did not offer a specific timetable other than to say, "construction will take about six months after ground is broken." A number of hurdles remain, including receipt of other state financing, obtaining state and local permits for construction, and the matter of acquiring the land. Most of the tract is said to be in the hands of a number of private owners, although some of it is owned by the City of Millville and by the Delaware River and Bay Authority. The latter owns and operates Millville Airport.

At the outset, however, there appears to be little or no local opposition to the sprawling project. City and county officials are similarly said to be in favor of it.

Instant Insights /

$50 Mil Motorsports Complex Proposed

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