The State Bond Commission needs the answers to several very important questions before committing taxpayer-endorsed financing. Such as: Who benefits from the $12 million land sale? What drag-racing business experience do the operators have? Where will the money come from if the facility goes broke? And finally, why would anyone build a $32-million facility without a commitment from a sanctioning racing body?
After many years of drag-racing experience, and with my accounting background, I built my racetrack near Donaldsonville to National Hot Rod Association standards, hoping to secure a national professional drag racing event.
But NHRA's main source of revenue is television sponsorship, and the 100-mile market area does not have the required demographics to support such a facility, nor does it have the population reach of the sponsors. As they explained to me, "50 percent of your 100-mile circle is under water, and fish don't sell TV advertising." After that meeting, I completed my facility to support and survive with the area racers in mind.
Our facility was built with private money, on private land, using commercial banks. Not one dollar of state financing was accepted. I used my money and $2 million from area banks to complete my $7 million project.
If developer Eugene Green is so high on his project, he should put up his own money (or that of investors) and leave the state backing for proven projects.
Pat Joffrion - Slidell