Financing complete for Iowa oval
Rusty Wallce could get a smiliar reception to here at Bristol if his new circuit in Iowa comes to fruition.
Picture: Ethel Experience
A new speedway designed by Rusty Wallace in Iowa has taken a major step forward, with the announcement that it now has all the funds in place to complete the build programme.
Construction on the Iowa Speedway facility at Newton, some 15 miles from Des Moines, had been put in jeopardy when the City of Newton rejected a $1.7 million contract to build roads to the circuit. The council had demanded assurances that the construction company, Manatt's Inc, had the necessary funding in place before it would commit to paying for the roads. It had become dissatisified with proof of financing documents from speedway developers U.S. MotorSport Corp.
However, the crisis was averted when the city received a letter from Brad Manatt, the president of Manoco Corp, the parent company of the construction firm. He revealed a loan had been secured from Wells Fargo Bank to finance the construction, with legal documents set to confirm the deal. The letter states Manaco will enter into a construction guarantee agreement with Newton, if necessary, to guarantee the developer's performance.
In the interim, Manatt's will continue to fund construction which is now back on schedule.
When complete, the 7/8 mile oval will host an ARCA RE/MAX Series stock car race on October 15, 2006. The configuration of the circuit has been based on Richmond, with former NASCAR-star-turned-commentator Rusty Wallace providing design input and serving on the track's board of directors.
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