The town of Speedway will pay a bit more than it originally offered to acquire Clear Channel Outdoor Inc.’s interest in a parcel of land the town needs to build a roundabout near the Indianapolis Motor Speedway.
Speedway’s redevelopment commission sued San Antonio-based Clear Channel in February after the company rejected its original offer of $165,000. On April, 24, a Marion Superior Court judge ordered the commission to pay Clear Channel $189,000, based on three appraisers’ estimates.
“It’s much less than what they had requested in their counteroffer,” said Scott Harris, executive director of the commission, who declined to divulge the exact amount of Clear Channel’s offer.
A Clear Channel representative couldn’t be reached for comment.
As part of its 16th Street reconstruction project, Speedway wants to build a roundabout where the street intersects with Georgetown and Crawfordsville roads near the main entrance of the track.
Speedway already has purchased the quarter-acre sliver on which the billboard stands at 16th and Main streets from former owner Carl Culmann. But the town needed to acquire Clear Channel’s “leasehold interest” in the parcel and remove the billboard to begin work on the roundabout, according to the lawsuit.
The billboard is behind a vacant house on the parcel of property. Harris said the town plans to tear down the home to build the roundabout. Other road improvements near the intersection include new curbs, gutters and sidewalks, as well as road widenings.
The 16th Street reconstruction project is part of an overall $500 million redevelopment project town leaders hope will transform Speedway into a year-round racing-themed destination.
Speedway officials broke ground in November 2009 on the first phase, which involved $6.7 million in road improvements to Main Street, laying the foundation for redevelopment.
The ambitious project includes more than 350 acres from Main Street to Holt Road and from 16th to 10th streets, just south of IMS.
In all, 2.5 million square feet of new development could be constructed, which could return a 10-year economic impact of up to $5.2 billion and more than 2,000 jobs, Speedway officials say.
Harris of the commission said the dispute with Clear Channel shouldn’t delay the building of the roundabout because an exact timetable has not been set.