Competition for a place on the NASCAR Nextel Cup schedule may be extremely hot but that hasn't deterred the International Motorsports Entertainment and Development Corporation from pressing ahead with plans to build a track in Minnesota.
The project is estimated by management of IMEDC to cost $200 million and will include a paved three-quarter mile high-banked oval suitable for NASCAR, ASA, ARCA and IRL style racing as well as a one-quarter mile NHRA style drag strip. Plans also include the incorporation of a major retail development to further add to this soon to be destination location.
One of the major market centres of the Midwest, the Twin Cities of Minneapolis-St.Paul, has a reputation for its strong business climate and economy. With a population of approximately 31 million, it has been ranked by Fortune magazine in the list of top 10 business locales in the nation, and is home to 16 Fortune 500 companies including current NASCAR team sponsors Best Buy, Target, 3M and General Mills.
"Our strategy concentrates on expansion and innovation targeting motorsport spectators, sponsors and competitors. We plan to grow operations and increase shareholder value through the development and expansion of a motorsports facility within the Minneapolis-St Paul Market," said Jim Farnum, IMEDC CEO, "Our goal is to create a first-class complex for the state and local community of which all Minnesotans can be proud."
The Minneapolis St. Paul market has been involved in Motorsports since the early 1900's. Some of the first races in the country were held in the area. St Paul held the first 24hr race in the United States at Hamline Speedway that later became the track at The Minnesota State Fair.
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