Miller Motorsport Park is going to be caught up in a Chinese finger trap of lawsuits thanks to one butthurt losing bidder.
Center Point Management, represented by Andrew Cartwright, is taking the winner — Geely subsidiary Mitime — and Tooele County to court over the bidding process.
According to Deseret News, the lawsuit filed by Center Point Management states the county broke local and state laws by “basing its decision on future benefits of uncertain value” instead of Center Point Management’s higher bid amount.
The future Utah Motorsport Campus is the result of a $20 million bid by Mitime Investment and Development Group. Their bid includes a manufacturing facility for racing cars and promises to make investments to the track. It also promises to keep the track open for public events.
However, Center Point argues the Mitime bid cannot be considered:
“Mitime’s promise in (its bid) to employ its best efforts to fulfill its intentions and goals regarding future development of the property is unenforceable, illusory and is of no clear, certain or present benefit to the county,” the lawsuit reads.
Center Point offered $27 million for the facility and planned to develop the land with a business park, homes and condos.
[Source: Black Flag/Jalopnik]
Butthurt? Is that a reference to spanking or sodomy?
When the first sentence of an article includes a term like “butthurt”, it kinda makes me dismiss the objectivity of the entire article.
Last I checked, this is TTAC, not Jalopnik. I gave up n Jalopnik quite a while ago (it’s the Jerry Springer of car sites). I sure hope TTAC doesn’t go there too.
Agreed, brn.
I’ve never been a big fan of phrases that sound like they came from a frat house or a bad neighborhood.
For example, “back in the day,” “old school” and of course, “butthurt.”
As far as Jalopnik’s concerned, it’s not the Jerry Springer Show of car sites, it’s the People’s Revolutionary Commissariat for Automobiles – it IS run by Gawker, remember?
Considering previous comments made by the bidder, I think “butthurt” actually applies in this case.
The question now is how long center point can continue litigation before the case becomes a losing proposition. If they want to develop the land then my guess is a loooooooong while
How much is the land in Utah worth anyway? It looks like there’s a lot of open space in that picture above.
I’m guessing the surrounding lands aren’t as appealing as they don’t already have infrastructure improvements in place.
That doesn’t explain why Center Point wants to develop a commercial and residential park right next to a major munitions storage facility.
I thought all ‘future benefits’ had ‘uncertain value’. That’s Investment 101.
Center Point is therefore arguing that its ‘future benefits’ offer less uncertainty. Maybe they’re correct; their $7 million higher initial buying price is real enough.
I wouldn’t dismiss this one yet. Maybe there were backroom shenanigans.
I’m confused; does Center Point plan to turn the track into condos, or just build around it?
That’d be brilliant, wouldn’t it?
Everybody wants to live on the golf course, but I wonder how they’d sell living on the main straight?
Besides, I guaran-fucking-tee you that someone would complain about the noise, even after having moved into a condo next to a race track, and be taken seriously by somebody with too much power and nothing else to do.
“I’ve never been a big fan of phrases that sound like they came from a frat house or a bad neighborhood.”
“Besides, I guaran-fucking-tee you ..”
I’m guessing Center Point’s using Ontario Motor Speedway as a template for their plans.
Ugh. I took a high-perf driving class at Miller; I thought the facilities were first-rate (including the museum). I can’t believe there’s a big demand for condos in Toole; the track was way outside of town with nothing much around it, and there’s plenty of other open space.
One is given to wonder whether the developer who wants to raze yet another racetrack would realize how much of a contribution his “development” plan made to the inevitable spike in local street racing.
Doubt it. After all, “nobody’s got a right to race.”
once the chinese market finally crashes and takes most of the rest of the world with it this will all be a moot point.
geely will default and nobody else will be able to afford it until the bank marks it down because OBVIOUSLY in a severe recession the last selling price is still feasible
by that time only the land will be worth anything- everything else will be vandalized and dilapidated from age, weather, neglect.
geely will be stuck building scooters again.
You guys have got to f off with the chinese-this chinese-that xenophobia.
Censored myself so you see this immediately.
Please.
Please point out the xenophobic comments made following the article: all I see are comments concerned with the behavior of the domestic real estate development company and its intentions, and one speculative comment regarding the near future of China’s economy.
Someone just really wanted to use ‘xenophobia’ in a sentence (it’s been in the news a lot lately).