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Mayor John Cooper and Bristol Motor Speedway have struck an initial deal that could bring NASCAR back to Nashville s Fairgrounds Speedway.
The city has signed a letter of intent with Bristol to renovate the city s historic short track into a significant money-making operation that will shift financial responsibility of renovations and upkeep to the company.
In a news release Friday, the administration said the city will issue no more than $50 million in bonds for racetrack renovations.
Under the deal, debt and project costs will be covered by revenues generated from racing and other events held at the revamped venue, including lease payments and taxes and fees collected from visitors.