The Lorain Port Financial Authority discussed the possibility of assuming some level of oversight for a motorsports entertainment complex planned for Lorain at its June 11 monthly board meeting.
Developer Xell LLC plans to build the mixed-use development on 300 acres of former landfill land on the city’s east side near Cromwell Park.
The city of Lorain and Lorain County commissioners have agreed to a grant agreement for $2 million each in 2023 to help build the proposed motorsports complex.
But Xell still needs to commit its promised $8 million before additional city and county funding can come in to fund the project.
So the city has asked the Port Authority to make sure the money is being invested wisely and provide guidance and oversight in a variety of ways.
Details are still being worked out, and officials agree the space has been on and off life support multiple times.
And the Port Authority’s involvement will help ensure its success, since the developer, city and county all agree the complex will bring economic benefits to the region, according to Port Authority Executive Director Tom Brown.
“This project has been in discussions many times, but the city wanted us to take a more active role not only in bringing the project to fruition, but also in the long-term management of the complex,” Brown said. “We’re still waiting on some agreements and funding, but the city wants us to help with project management and moving the project forward.”
“It’s more like oversight and checks and balances that fit our skill set well. We don’t go outside of our realm.”
“And we can provide this from construction through to the grand opening and up and running. This is a fairly complex facility so we’ve got to get this up and running. This is a regional attraction and it’s a hole that has to be filled because funding will come in from all over the country. This is a big attraction.”
The city requested oversight after city and county officials began questioning Zell, saying plans originally submitted called for it to open and host events last August but never did.
Xell sought an extension of its contractual obligations under the grant agreement with the city until June 15, 2024, to remedy contractual breaches related to the grant and development agreements.
The proposed park would include three racetracks.
one a world-class professional track, another used for go-kart type racing and a track that can be used for family or group outings;
The third track will be located indoors, allowing the facility to be used year-round.
Zell officials could not be reached for comment.
