International Motorsports Entertainment and Development Corporation to Create World Class Motorsports Complex within the Minneapolis-St. Paul Market.
International Motorsports Entertainment and Development Corporation today announced plans to enter the Minnesota Sports and Entertainment Arena through development of a state-of-the-art Motorsports complex within the Minneapolis-St. Paul market. The world-class project is estimated to cost $200 million and will include a paved ¾ mile high banked oval suitable for NASCAR, ASA, ARCA and IRL style racing as well as a one quarter mile NHRA style drag strip.
(PRWEB) March 5, 2007 -- International Motorsports Entertainment and Development Corporation today announced plans to enter the Minnesota Sports and Entertainment Arena through development of a state-of-the-art Motorsports complex within the Minneapolis-St. Paul market. The world-class project is estimated by management of IMEDC to cost $200 million and will include a paved ¾ 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 centers of the Midwest, the Twin Cities of Minneapolis-St.Paul, has a reputation for its strong business climate and economy as well as excellence in education and extensive involvement in arts and entertainment. With a population of approximately 31/2 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 Best Buy, Northwest Airlines, 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 majority of Minnesota racing enthusiasts, competitors and sponsors are located within this market; therefore, management plans to utilize the infrastructure already in place in the immediate market. Minnesota, especially the metro area, is home to professional sports of many types. "We feel the momentum is right to add motorsports to the areas list of professional sports," added Farnum.
The facility will also include a one-quarter mile NHRA style Drag Strip. Management has been considering a stadium style drag racing facility, similar to Route 66 in Chicago as the design. The size of the actual physical footprint will allow the facility to be located in one of several locations within the metropolitan area being considered, however community leaders interested in capitalizing on a major entertainment facility located in their community are urged to contact IMEDC management for a confidential evaluation and consideration.
"We feel that Minneapolis St Paul families as well as competitors should have a local first class facility to enjoy the excitement of Motorsports. Local and national sponsors will be able to take advantage of the proximity of the facility to their Twin Cities corporate offices for entertaining as well as promotions," explained Farnum. "Plans also call for utilizing the Drag Strip to make our local streets safer by allowing enthusiasts a safe environment to showcase their capabilities."
One in three adults consider themselves race fans. There are more than 100 million racing enthusiasts in the United States with 40% spending nine or more hours per week on race-related activities. Auto racing is the fastest growing spectator sport and is second only to the NFL in popularity. IMEDC taps directly into the intense passion of this market with its current plans.
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. The Minneapolis-St. Paul Market also had two Drag Strips serving race fans.
While management of IMEDC has not disclosed its partners, they are currently comprised of professionals in the finance industry and the Motorsports Industry. Funding for this project will primarily be from private investment.
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