Plan forgives loans on NASCAR Hall of Fame

AP News
Posted: Jan 13, 2015 7:04 AM

CHARLOTTE, N.C. (AP) — Charlotte City Council in North Carolina has voted for an agreement to forgive more than $22 million in debt from the NASCAR Hall of Fame.

Multiple media outlets reported that council members voted Monday for the agreement with Bank of America, Wells Fargo and NASCAR.

Charlotte will pay the banks $5 million. They will write off nearly $18 million in debt.

NASCAR will give up more than $3 million in royalties that it has been owed since the hall opened in 2010. The hall of fame has not been able to pay the royalties because it has lost more than $1 million each year.

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Attendance has been far less than expected. The hall was expected to attract about 400,000 visitors each year. Last year attendance was about 170,000.