TG and IMS about to screw Speedway, IN residents

[pchall]

indystar link (http://www.indystar.com/apps/pbcs.dll/article?AID=/20050821/COLUMNISTS21/508210341/1003/BUSINESS)

Well, the megalomania and dellusions of grandeur persist at 16th and Georgetown. Locals with property near IMS are about to lose their homes for IMS related redevelopment.

[RichK]

"It's exciting that the town is looking at it this way," Chitwood said. "There is a lot of potential for the surrounding properties."

What a compassionate man!

[NismoZ]

Hey, the Supreme Court says its OK! Think all those people wanted to move when they built the "new" Comisky Park? Also, it sounds like the town came to them instead of it looking like an evil land grab. Ahhhh...progress!

[cart7]

Predictable. The Speedway's been buying property along Georgetown for years as it became available. I know they control the vendors along Georgetown and have priced a couple I know out of race weekends the past few years.

[cameraman]

Hey, the Supreme Court says its OK!Only if the good people of Speedway vote in a government that will do it. Sounds to me like those folks have an "election issue" to discuss.

[FRANKY]

indystar link (http://www.indystar.com/apps/pbcs.dll/article?AID=/20050821/COLUMNISTS21/508210341/1003/BUSINESS)

Well, the megalomania and dellusions of grandeur persist at 16th and Georgetown. Locals with property near IMS are about to lose their homes for IMS related redevelopment.

The lots there aren't worth squat except to IMS. What they could pay for fair market value, even taking into consideration value for parking or income from concession sales.

But I think this one is for residents of Speedway to discuss. The value of the Speedway to the community Vs expansion plans.

Could it be people miss the old motel they tore down? :gomer:

[stymie]

The Speedway has for years been buying up the properties needed for this expansion. Generally the owner has an offer from IMS and can stay as long as they want in the home untill they sell it to IMS. Plan has been in the works for many years, not surprising to Speedway residents.

[Steve99]

TG is screwing someone else over! How did Speedway end up so far down on his list?

[Jervis Tetch 1]

Making way for Tonyland. :gomer:

[Lizzerd]

Ziggy? Oh, Ziggy? What's your take on this?

[Jag_Warrior]

Generally the owner has an offer from IMS and can stay as long as they want in the home untill they sell it to IMS.

Not trying to be funny, but how would that transaction be different from any other? Do you mean that IMS purchases an option on the property, or purchases the property outright?

[mapguy]

The lots there aren't worth squat except to IMS.

I know someone who lives on one of those lots that you seem to think that are worthless.

[Warlock!]

I know someone who lives on one of those lots that you seem to think that are worthless.
I'm pretty sure we all do... and I'll do my part (as big a part an Ohioan can do) to keep it from hap'nin'.

[FRANKY]

I know someone who lives on one of those lots that you seem to think that are worthless.

The lots I was referring to as being worthless were not the ones occupied by an OC member. As I recall his had a nice metal awning.

I was referring to the lots that are neither developed, or have a chance of development by anyone except IMS. I would guess that properties are always being picked up by IMS through dummy corporations, LLC companies, and individuals.

Every side of IMS seems to have neighborhoods some better, some worse. I'm sure IMS would have expansion plans, based on the turnover of homes. I don't ever recall prices being much much higher because of being in the shadow of the pagoda. But locals would know better than us.

http://www.terraserver.com/posters/terraserver_thumbnails/Indianapolis-Motor-Speedway2-thumbnail.jpg

[stymie]

Not trying to be funny, but how would that transaction be different from any other? Do you mean that IMS purchases an option on the property, or purchases the property outright?

Yes that is what I mean.


The housing prices in Speedway are higher compared to the surrounding Indianapolis neighborhoods for a couple of reasons, primarily the fact that Speedway has their own school system.

One of the larger pushes for IMS to expand toward and cause Georgetown Road to be relocated is the concern with the large crowd and the lack of space behind the stands of the front straight.

[SteveH]

The lots I was referring to as being worthless were not the ones occupied by an OC member. As I recall his had a nice metal awning.

:confused: A nice metal awning? : :eek: I guess here in gomerland that means its like a vila, right? :shakehead