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PostPosted: Thu May 14, 2009 7:40 pm 
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Lastest news on High Rock. This is from the Salisbury Post.

http://www.salisburypost.com/Area/05130 ... ck-hearing

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Spencer approves development agreement with High Rock Raceway
Wednesday, May 13, 2009 3:00 AM
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By Steve Huffman

shuffman@salisburypost.com

SPENCER — The crowd was so thick at Tuesday's meeting of the Spencer Board of Aldermen that people had to be asked to leave to comply with the fire code.

Mayor Jody Everhart told the congregation the meeting room in Town Hall was certified to hold only 50 people. He said Police Chief Robert Bennett told him about 55 people were in attendance at the start of the meeting.

Everhart asked anyone who didn't have an interest in the first item on the agenda, a public hearing concerning the proposed High Rock Raceway, to please leave the meeting room and return once a few people had filtered out. A handful of attendees did as Everhart asked.

"We made the announcement," Everhart said as he watched a few leave. "We've done all we could."

Surprisingly, despite the turnout, input at the public hearing was virtually nonexistent. Only one person spoke during the hearing that addressed a development agreement between the town and officials involved with the raceway.

Phillip Haithcock said he was a Rockwell resident and general manager with Clayton Homes, the firm that had contracted with the raceway to build townhomes at the site. Haithcock told aldermen that Clayton Homes operates three plants within a 25-mile radius of Spencer. He said that like a lot of businesses, the downturn in the economy has put a hurting on his company's sales and manufacturing.

Haithcock said that if the proposed raceway eventually sees the light of day, it'll mean more than two months of production for two of his company's plants.

"I don't have to tell you how much that'd do for our team members and the community," Haithcock said. "It'll be a positive influence for the community."

He said Clayton Homes employs 541 workers, but that number is 25 percent less than the company employed when the economy was booming.

Following Haithcock's addressing the board, aldermen moved quickly to adopt the development agreement between the town and the raceway. Alderman Scott Benfield made the motion that the agreement be adopted and Mayor Pro Tem Jeff Morris seconded it. The agreement was approved unanimously though aldermen Donnie Hinson and C.E. Spear were absent from Tuesday's meeting. Aldermen said Spear was taken to Rowan Regional Medical Center Monday night. They said that while Spencer's 85-year-old elder statesman's medical condition didn't appear life-threatening, they asked that he be remembered in prayers.

Dave Risdon, chief executive officer of the proposed raceway, said he was surprised there wasn't more public input Tuesday, but admitted to also being somewhat relieved.

"No drama is a good thing," he said at the conclusion of the meeting. "I was happy to see as many people in attendance as there were, and happy to see things go through as quickly as they did."

Town Manager Larry Smith said he was also surprised by the lack of comment during the public hearing.

"I've never seen as many people turn out and only one person speak," he said.

Town officials referred to the development agreement as something of a formality, though they said raceway officials had invested several thousands of dollars to have the matter fine-tuned by attorneys. Aldermen said the 28-page agreement relieves the town of a number of liabilities pertaining to the proposed race track. They said the agreement also calls for a 20-year working relationship between the raceway and the town, though Spencer isn't investing money in the track.

At the conclusion of Tuesday's meeting, Risdon said he'd get a signed copy of the agreement this morning and fax it to the track's developer, Thomas Senenfelder of New York City's TMS Inc. Risdon said that once the agreement was signed and delivered, he expected grading for the long-anticipated raceway to start in short order.

"Hopefully, we'll see something very quickly," Risdon said of major construction efforts at the track.

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PostPosted: Thu Jun 18, 2009 8:27 pm 
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From the other thread -- track is dead, lady who put up almost $500k takes possession of the land, former employees of plant there get nothing...

Steve Coleman wrote:
Just great...


High Rock Raceway timeline

http://www.salisburypost.com/Area/06180 ... y-timeline

Raceway on skids: Former Color-Tex workers back to square one

http://www.salisburypost.com/Area/06180 ... -employees

Former Color-Tex employees aren't banking on seeing money they're owed

http://www.salisburypost.com/Area/06180 ... -employees


A curse on David Risdon... and the horse he rode in on...

Steve 'who hates to say it, but 'I told you' Coleman

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PostPosted: Thu Jun 18, 2009 10:10 pm 
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yeah, that sucks

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PostPosted: Fri Jul 10, 2009 10:05 am 
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I stopped by the site back well before they'd gotten any further than tearing up the parking lot at the old mill to give the place a look...

Since I looked suspicious cruising around taking pics, the SUV who was also in the area came over to see what I was up to...

It was Frank McGuire... after a friendly conversation about the proposed plans and his and Mr. Risdon's background, which included ZERO experience with racing, race tracks, or anything resembling same, I got that ol 'there's this new track being built' BS like 'back in the the day'... of course given that over the past 10+ yrs. of tracks actually materializing I thought they just might pull it off...

An offer of assistance elicited a polite response of 'Oh, we've got it covered... 'ABC Eng'r Co.' is handling it... yada, yada, yada...' Shurrr ya do Mr. McGuire, I can see that right off... sheessshhh

Steve 'who wishes he'd been wrong on this one...' Coleman

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PostPosted: Fri Dec 04, 2009 8:51 am 
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Stick a fork in it.

THE ASSOCIATED PRESS

Published: December 4, 2009

SPENCER
A North Carolina man who put money down on a planned townhouse has forced the auction of nearly 200 acres in Rowan County that were to be developed as the High Rock Raceway.

The Salisbury Post reported the land along the banks of the Yadkin River in Spencer will be sold Friday morning at the Rowan County Courthouse in Salisbury.

Anthony Flores of Greensboro paid $25,000 for a townhouse, then went to court when the development company that owns the land refused to refund his money. His attorney says High Rock Properties revoked his membership and promised to return his investment but didn't do so.

High Rock Properties officials didn't oppose a court judgment in September ordering that the land be sold to satisfy the lien.

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PostPosted: Fri Dec 04, 2009 9:14 am 
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Damn... so was he the only one?!

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PostPosted: Fri Dec 04, 2009 9:19 am 
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What a joke...totally expected though (if you ever talked to the dude who was marketing the place).

http://www.salisburypost.com/News/120309-high-rock-raceway-property-to-be-sold

Except:
Quote:
The sale is scheduled for 11 a.m. Friday inside the entrance to the Rowan County Courthouse.

The sale will be conducted by McDaniel Auction Co. acting on behalf of the Rowan County Sheriff's Office.

The highest bidder will get the property, along with all liens and liabilities, which total millions of dollars.

A portion of the property has been graded in preparation for building a track. Another section has the wreckage of the former textile mill building that was knocked down. Much of the debris remains on site.

According to county tax records, the 195.8 acres is valued at $2 million.


I wonder if this thing will even sell for $1? Even if the "tax value" is $2M, the current and on-going liabilities probably exceed that? (thinking not only of all the raceway investors but also that textile mill and the commitments that were made to the retirees/fired workers contingent to the property, etc). It wouldn't surprise me if it has a negative value -- could be an interesting auction.

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PostPosted: Fri Dec 04, 2009 9:30 am 
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Quote:
High Rock Properties officials didn't oppose a court judgment in September ordering that the land be sold to satisfy the lien.


I would agree that it is most likely done. But I find the quote above very interesting. Either they (HR developers) are willing to walk away, or they are going to try to buy it cheaply at auction (auction price < amount they owe to pissed off investors who have liens on property?) and then have another go at making it work. I can't see anyone willing to invest the second time around if the same group is still in control.

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PostPosted: Fri Dec 04, 2009 9:58 am 
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Richard Casto wrote:
Quote:
High Rock Properties officials didn't oppose a court judgment in September ordering that the land be sold to satisfy the lien.


I would agree that it is most likely done. But I find the quote above very interesting. Either they (HR developers) are willing to walk away, or they are going to try to buy it cheaply at auction (auction price < amount they owe to pissed off investors who have liens on property?) and then have another go at making it work. I can't see anyone willing to invest the second time around if the same group is still in control.


Your idea wont work

Quote:
The highest bidder will get the property, along with all liens and liabilities, which total millions of dollars.

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PostPosted: Fri Dec 04, 2009 10:14 am 
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Ryan Holton wrote:
Your idea wont work
Quote:
The highest bidder will get the property, along with all liens and liabilities, which total millions of dollars.

Sorry, my fault for not reading the linked article (or seeing Chuck's post). After reading it, I pretty much agree with Chuck's comments. Not sure how I missed Chuck's post? I must have been crafting my reply when he posted.

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PostPosted: Tue Dec 22, 2009 1:33 pm 
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Well it does appear the land has a "real value" to the tune of negative $4.5M, but somebody (apparently connected) paid $800 for it at that auction.

http://www.salisburypost.com/News/120509-High-Rock-auctioned-for-800-dollars

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PostPosted: Tue Dec 22, 2009 2:22 pm 
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Chuck Branscomb wrote:
Well it does appear the land has a "real value" to the tune of negative $4.5M, but somebody (apparently connected) paid $800 for it at that auction.

http://www.salisburypost.com/News/120509-High-Rock-auctioned-for-800-dollars


Just to clarify, buying it at $800 meant you also assume the $4.5M in debt owed on it. So apparently the value of it was approximately $4,500,800 to the dude that bought it. :)


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PostPosted: Fri Jan 22, 2010 5:09 am 
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Chuck Branscomb wrote:
I wonder if this thing will even sell for $1? Even if the "tax value" is $2M, the current and on-going liabilities probably exceed that? (thinking not only of all the raceway investors but also that textile mill and the commitments that were made to the retirees/fired workers contingent to the property, etc). It wouldn't surprise me if it has a negative value -- could be an interesting auction.

I made two 'tours' around the accessilbe part and the surounding area, including the 'loop' road from the east side of I-85 that leads to a bridge soes one can get on the west side. Based on my assessment of the terrain and kept up with all the soap opera from the get go.

Frankly, even in more prsperous times, it's going to be hard to improve the property for almsot any purpose any time soon. There are quite a few reasons, too many to list however. IMO it will, way in the future, be a subdivison. There is the possibilty it could be used for commercial / industrial. The problems involve poltical, enviromental, etc. issues. The best chance for that, and it might work out, when prosperity returns becuse the area needs jobs and an infusion of money. That of course gets the approval of a fair number of folks living around there, but certainly not everyone.

Sad, because it was located in a pretty good location with the river looping around which would have lessed residential encroacment.

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