City-financing for a road to the proposed racetrack in Newton has been suspended, as questions remain about the track’s developer. Without any discussion last (Monday) night, the Newton City Council tabled plans for building a road to the Iowa Speedway. A contractor from Urbandale submitted the lowest bid to build the road, for one-point-seven million dollars. But the council’s action prevents the construction contract from being signed until the city is provided proof U.S. Motorsports — the track’s developer — has the 70 million dollars lined up to build the track. Newton City Councilman Jim Greve made the motion.Greve’s motion called for the council to table the construction plan for up to 60 days, or until U.S. Motorsports provides proof it has the financing to build the track. That motion passed unanimously. State legislators extended a rebate on sales taxes charged on tickets to the track, but the track has to be built and opened before that financial benefit is reaped. In addition, the state Department of Transportation awarded the City of Newton a grant to help build that road to the track, but the grant is contingent on Newton’s City Council approving the project.
