TEXAS WORLD SPEEDWAY TO CLOSE TO MAKE ROOM FOR HOUSING DEVELOPMENT

  

Texas World Speedway, a place for racing enthusiast to enjoy the sport of racing since 1969, will be closing in mid-June, with the CEO of the race track, and now developer Bill Mather hoping to make way for a $55 million dollar housing development.

The 400 acre, 2 mile race track, will be eliminated to make way for a housing, which Mather says is necessary, saying that there is not enough affordable housing to meet the demands of the area.

The land will be constructed in five phases, including 1400 homes, some commercial development, a new elementary school, and even some nature trails.

Not everyone is thrilled with track closing down. Racing fans lament the limited number of tracks still in existence, and how development has taken most of the other tracks also.

The developers of the land will take on the cost of building the infrastructure, and will be reimburse at a later date. The sale of bonds will be used to reimburse the developer, with the City of College Station to allocate using Municipal Utility District bond money to fund the project.

The developer hopes to have the first new homes ready for move in by the summer of next year.