KLMS being permanently shut down

From their site:
KLMS TO CEASE OPERATIONS

September 24, 2015 by djirvineLeave a Comment

Clover Leaf Realty, LLC has announced that it will cease operations at Kentucky Lake Motor Speedway in Marshall County and end its season early, effective immediately. In 2014, the Commonwealth of Kentucky gave notice that its reconstruction of the I-24/Purchase Parkway Interchange for the I-69 corridor would take much of the real property used to operate the racetrack. After communicating with state officials, the Kentucky Transportation Cabinet filed a condemnation lawsuit in Marshall Circuit Court to take the racetrack property by eminent domain in July.

The lawsuit has cast a cloud over the 2015 race season and future of the facility. On Monday, September 21, the Court granted the Commonwealth’s motion for an interlocutor order to take the land. The approximately 36 acres being taken encompasses the racetrack’s pit area, maintenance building, ticket office and scales, rendering the racetrack’s utilities inoperable. This prompted the racetrack owners to make the hard decision to close the racetrack and end the season early. “We did the best we could, but the state’s taking of our property has really left us with very few options,” said co-owner, Ronnie Jones.

Hopkinsville businessmen, Ronnie Jones and Jim Hale, purchased the racetrack in 2013 with the stated intention of working hard and making it a great track again. KLMS was slated to end the season with a reprisal of the Commonwealth Cup headlined by the NeSmith Chevrolet Dirt Late Model Series on October 23rd and 24th. Also lost was an appearance by the United States Auto Club Aimsoil National Sprint cars scheduled for October 17th. “Our employees, fans and sponsors have been great, and we want to thank them for everything,” said co-owner, Jim Hale.

The points championship fund will still be paid in all weekly divisions. However, a decision on the number of races required was yet to be made at the time of this release. KLMS officials will announce the final decision for the championships in the coming weeks.
 
I could be wrong but if it's inanimate domain, I believe the state just took the land. They may get some compensation but I don't think they're going to be lighting cigars with $100 bills. Maybe $20's I don't know.

John Barr
The Trashdog
 
Assessed value! State made lowball offer....owner refused....so state took it for tax assessed value! Bullshit!
 
Funny when they ran 255 through upper wood river they bought a bunch of houses and tore them down. Then oops they didnt use that land so some of that land still sits there today unbuilt on im assuming because state still owns it! We were going to buy a house near there and were warned they were going to take those houses. End result they didnt buy the ones near where that one was and were wrong by 1/2 a mile.
 
Eminent domain is when a public entity (in this case, the Kentucky DOT) acquires ground through the court system in order to make capital improvements for the good of the public (Interstate expansion). A court determines the value of the ground taken by the State.
 
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