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DAYTONA INTERNATIONAL SPEEDWAY ECONOMIC IMPACT BRIEFING

DAYTONA INTERNATIONAL SPEEDWAY ECONOMIC IMPACT BRIEFING. DAYTONA INTERNATIONAL SPEEDWAY HISTORY. 50 YEARS OF IMPACT. • From one man’s dream to a thriving and evolving global sports industry

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DAYTONA INTERNATIONAL SPEEDWAY ECONOMIC IMPACT BRIEFING

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  1. DAYTONA INTERNATIONAL SPEEDWAY ECONOMIC IMPACT BRIEFING

  2. DAYTONA INTERNATIONAL SPEEDWAY HISTORY

  3. 50 YEARS OF IMPACT • • From one man’s dream to a thriving and evolving global sports industry • • Economic engines generating significant employment, labor income, tax revenue, and economic impact • • Attracting out of state visitors contributing new money to the economy and additional tax revenue

  4. BY THE NUMBERS • • $1.6 billion per year total economic impact to Florida • • 18,500 permanent Florida jobs created • • $645 million per year labor income generated • • $241 million per year in federal, state, local tax revenue

  5. DAYTONA INTERNATIONAL SPEEDWAY’S MAKEOVER In a time of uncertainty, Daytona International Speedway offers Florida growth opportunities. A makeover for Daytona International Speedway

  6. DAYTONA INTERNATIONAL SPEEDWAY’S MAKEOVER In a time of uncertainty, Daytona International Speedway offers Florida growth opportunities. Development of a multi-use year-round tourism destination

  7. RETURN ON INVESTMENT A potential DIS private investment in a motorsports entertainment complex of at least $250 million will create: • • 4,253 construction jobs • • $200 million in labor income • • $58 million in additional tax revenue

  8. RETURN ON INVESTMENT Ongoing operations of private investment in a motorsports entertainment complex of at least $250 million creates an additional: • • 1,289 direct and indirect permanent jobs • • $125 million in annual economic impact benefit to Florida • • $20 million in tax revenue every year

  9. PROPOSED PARTNERSHIP WITH FLORIDA • • New facilities with classrooms and public spaces • • Treat ISC/DIS fairly with same tax status as existing professional stadiums, ballparks, and arenas in Florida • • Of newadditional tax revenue, a portion returned to ISC/DIS • • Sales tax refund on building materials

  10. THE LEGISLATION Florida Senate S.B. 1394 Motorsports Entertainment Complexes Introduced by: Sen. Hukill (Volusia, Marion, Lake) Referral Committees: Commerce & Tourism Committee Finance & Tax Subcommittee Appropriations Committee Rules Committee Florida House of Representatives H.B. 1049 Motorsports Entertainment Complexes Introduced by: Rep. Santiago (Volusia) Co-Sponsors: Rep. Hood (Volusia) Rep. Hutson (Flagler, St. Johns, Collier) Rep. Taylor (Voluisa) Referral Committees: Finance & Tax Subcommittee Economic Affairs Committee Appropriations Committee Current Status: With Finance & Tax Subcommittee

  11. THE LEGISLATION Allows for certain incentives for a defined motorsports entertainment complex (MEC) only after a $250 million private investment is spent on the project within 4 yrs. • Refund from sales & use tax for building materials used in the construction, reconstruction, or renovation.  This will cover activity during the 4-yr construction project and is not reoccurring. Volusia County and Daytona Beach will need to approve this one-time refund.

  12. THE LEGISLATION • The MEC would receive a 50% share of new sales taxes collected and remitted by the MEC above the amount collected in the base year.  The state would benefit with 50% of the projected millions in new revenue that could be used for hiring more police, firemen, teachers, or for other community needs. • A refund of sales tax of up to $2 million per year for thirty years.  The refunds of sales taxes must be used for construction, reconstruction, expansion, renovation, transportation or other infrastructure, advertising, or promotion designed to increase attendance at the facility or tourism in the community.

  13. HOW YOU CAN HELP Visit RedevelopDaytona.com • • Follow us on Twitter • • Like us on Facebook • • Sign-up for email updates • • Email your friends to join the team • • Share your ISC/DIS story • • Letters to the editor • • Op-Eds • • Call or email your legislators • • Meet with your legislators

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