Newton racetrack funding still not settled

Funding is still in “neutral” for an ambitious racetrack proposed for Newton. The developers of the “Iowa Speedway” still don’t have the final loan documentation the Newton City Council needs. The council wants the assurance the 57-million-dollar loan for building the racetrack and entertainment complex is secured, before issuing bonds to pay for street and sewer improvements around the track site. The company developers are using for the financing has told city leaders the loan closing is about finished. In the meantime, to keep up with construction on the track, the city council’s unanimously approved a second engineering contract for design of the public improvements. No money’s going to be spent on that work until the city gets confirmation of the loan closing. City Administrator Dave Schornack says the engineering firm Howard R. Green out of Des Moines has agreed to begin the design work at its own risk. They won’t bill the city until the loan documentation’s been received — and if that never happens, they won’t hold the city liable for any work they’ve done.