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There was a post on this a while back and I, as well as everyone else, was convinced it wasn't going to happen.
Well apparently it is...Yesterday my brother in law told me his company has bid on some of the work being done at the site. He's guessing it will be at least a year, most likely a year and a half for his part in it. Given his role with his company and what they do, he is very involved and knows a lot about what's going on (he pretty much runs the company). Apparently this is going to be a very impressive facility. He isn't really into racing so he doesn't have a ton of track knowledge but he was told by the owner it will be a "formula one" style track capable of multiple configurations with at least one being over 3 miles in length.
They had two major issues which brought the progress to a halt. One was the town not wanting to approve the project, and the second was money. He didn't have any details as to what changed, but he said both hurdles have been overcome and the project is under way. He did mention something about a second big investor getting involved, and that this was one of the major reasons why the project has resumed. I told him I will believe it when it's done. He responded by explaining with the money they are throwing down, the people involved, and the planning, they are months away from executing on it. He then said when you consider what his company does, they wouldn't be bidding on it if it wasn't going to happen.
I mentioned how it would be nice to ride there someday and he said the owner is frequently stressing the fact that it's going to be a private track. Personally, I doubt it. I'm convinced this is a stunt to get by the approvals. There's no way they are going to keep such a big facility private.