Liberty Motorsports Park announces $27 million public financing Development Agreement with City of Cleveland to assist in construction of the road course. On November 15, 2007 Mayor Jill Kirkonis and Liberty Motorsports Park President Marcus McBain signed a Development Agreement that tentatively provides $27 million in assistance from the City of Cleveland, Texas. It is a landmark agreement for any road course constructed in the United States. Liberty Motorsports Park is designed to host National Events as well as provide an affordable venue for regional events. The facility will serve as a motorsports County Club that will be able to serve 300 members. Liberty Motorsports Park management is currently interviewing companies and individuals to coordinate music events. The facility is expected to bring an annual impact of $50 million – $100 million annually once it is built. Media from the local CBS and ABC news affiliates covered the event as well as the Houston Chronicle and local media. During the announcement and signing of the agreement Mayor Jill Kirkonis told the enthused crowd, “Mr. McBain and the city council have worked very hard on this agreement. It has taken a little longer than both sides wanted it to, but I am very happy that we completed this work.” A room filled with government representatives and residents watched the signing of the Development Agreement. A 30-minute presentation that outlined the facility construction plans as well as the events currently courted or underway was provided. In his remarks Marcus McBain stated, “I agree this has taken a bit longer to come to an agreement than any side wanted it to, but I am very proud that we have a contract that provides security for the taxpayers and an aggressive support package for Liberty Motorsports Park.” Mr. McBain continued with his comments, “We want this to be a world-class facility. We just hope that we are recognized for the quality we provide. Our general contractor has toured several National venues so that we will be sure we design and build every building correctly in function and appearance. Our land developer and engineers have additionally toured facilities around the country.” Liberty Motorsports Park management has been in discussion with AMA Pro Racing as well as Grand Am to host National Events. Both series managers have provided letters of support for the facility. “We have sought out an AMA Superbike date with AMA Pro Racing as well as a Grand Am Rolex Series event. We believe those two series provide an outstanding show that Texas residents will really appreciate seeing on a scenic road course. We also are looking at those events as they have easily demonstrated that they can draw 50,000 or more fans with the quality of their show. It is our goal to try and draw over 100,000 fans to demonstrate our ingress and egress design that takes advantage of three entrances and exits with a possible fourth exit to be designed. One of our primary concerns was the ability to get fans in and out of the facility without discomfort. Within two years, we expect to have three independent exits to the highway as a by-pass from the city to the track is completed and that will be a great help,” McBain mentioned. Liberty Motorsports Park has contracted Zoom Motorsports to handle part of the operations and promotions for the park. Zoom Motorsports (a subsidiary of Bruno Event Team) current is the promoter for Barber Motorsports Park. “We wanted a company that could run our track in a manner that was not only professional, but cultured a family atmosphere for our big National events. We were extremely impressed with Zoom Motorsports and it was an easy decision for us. Their parent company’s experience with PGA, LPGA, and SEC Collegiate events really underscored the type of feel we wanted for our events. The facility is designed to be a weekend destination for residents of Houston. We will have music festivals and concerts that will coincide with Motorsports events as well as be stand-alone events. Again, we believe Zoom is the one to make this facility a special destination for the Houston market,” McBain told the crowded Cleveland Civic Center. The 819-acre tract that the facility will be run on is currently a timber farm. It has over 45 foot of elevation changes, which will provide a canvas of rolling hills for the events to be run on and fans to enjoy. Events run at the facility will resemble more of a park atmosphere than a stereotypical racing track. Noise limits of 106db will ensure that a family can come to the park and enjoy a great competition event, while not becoming fatigued by unnecessary noise. Fans will be welcomed to bring an ice chest with lunch to layout on hillsides that will be created for them. Musical entertainment is designed to provide a diverse entertainment menu. During the weekdays, schools and private events will share time with membership days. Over $100 million of residential development is additionally planned. This includes trackside condominiums and an estate development that provides a separation from the facility. Much of the current forest will be left in place. Construction is expected to begin within the next six weeks. The management team of Liberty Motorsports Park is hopeful that it will be able to complete the actual road course by June of 2008. This is aggressive, but Vice President Steve Veedell noted, “We have conducted over three-quarter of a million dollars in pre-engineering work. This includes complete environmental, soil, and drainage studies. We are ready to go with bulldozers right now, we simply need to complete some contracts and legal work to start construction.” More information about the master-planned Motorsports Park is available at www.libertymotorsportspark.com.