The lease begins in 2007 at an average rent of $500,000 a yearand runs to 2054 when the 2% annual escalators will bring the12-month rent to $1 million. The average annual rent at thethree-million-sf Daytona International Speedway will be about$750,000 or an estimated average $11.75 per sf over the life of thelease. The deal is scheduled to close March 28.

ISC owns the 27-year-old track property but not the land. ISC'soriginal 50-year lease expires at the end of next year. ISC hasbeen paying about $10,000 a year rent. The company expected a25-year extension to bring the new rent to $20,000 annually through2032, sources close to the transaction tell GlobeSt.com. However,the racing organization didn't expect its rent to jump as sharplyas it did in the new lease, sources in a position to know tellGlobeSt.com. "Let's just say they didn't break out any champagne onthis deal," a Volusia County government source familiar with thelease details tells GlobeSt.com.

Volusia County Council and the Daytona Beach City Commissionchoose the five members of the Daytona Beach Racing andRecreational Facilities District. The district promotesrecreational events and raises funds through lease payments and thetwo annual antique-car shows. Under terms of the new lease, thedistrict gets a guarantee to use the track 30 days a year and up to90 days a year if the ISC is not using the asphalt for aprofessional racing event.