Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SUNDAY, August 15, 1993                   TAG: 9308150078
SECTION: VIRGINIA                    PAGE: C-5   EDITION: METRO 
SOURCE: 
DATELINE: VIRGINIA BEACH                                LENGTH: Short

$17.5 MILLION IN BONDS PROPOSED FOR TRACK

The announcement was good news for Kentucky-based Churchill Downs Inc., which is leading the effort to build the track. The company needs the public financing to secure more private investors.

The sports authority is a regional body made up of eight commissioners representing seven cities and Isle of Wight County.

Under the terms, Churchill Downs would pay off the debt even if its revenues are as low as 40 percent of those projected, and would not be allowed to use the race track as collateral for additional debt. The sports authority would retain ownership of the race track site near Oceana Naval Air Station until the debt is paid.

To build a track in Virginia Beach, Churchill Downs must get a license from the State Racing Commission. Churchill Downs is competing with five other groups for the only license to be issued. - Associated Press