Richard and Vanessa Jordan, the new owners of the Wiscasset Raceway, came down from Kingfield to ask the Wiscasset Board of Selectmen to consider a tax abatement on the property August 7.
The Jordans’ approach to the board was not unexpected. At the July 12 auction both Wiscasset’s Town Planner Misty Gorski and Town Manager Laurie Smith were present to congratulate the new owners, and to offer the town’s help.
The Jordans bought the property for $130,000, far below the assessed value, and almost one quarter of the $500,000 loan on the property.
Richard Jordan said no bank is willing to loan him the money because of the environmental issues on the property. Two reports, one from the DEP and one from MAI Environmental, an environmental engineering consulting firm in South Portland, outline partially-buried debris and barrels dumped behind the racetrack over a period of several decades. The MAI report cited oil drums and possible leakage into a nearby stream and a possible contamination of neighboring wells.
Richard said that he and Vanessa have mortgaged their home in order to purchase the track. “We come to the town for [help on] the back taxes and the evaluation,” he said. “Quite honestly, even though I love the property, it’s in a sad state of affairs. The state that it is in, the raceway can’t produce enough money to pay the taxes.”
The raceway at best has about 24 race days per year, or two per week for 12 weeks, Jordan said. The raceway will need a significant facelift if it is going to attract the new generation, because in Maine the racetracks not keeping up with the times are hurting.
Sue Varney, Wiscasset’s tax assessor, outlined the work she had done to come up with a valuation of the 35-acre parcel the racetrack sits on. Because there are no other racetracks in Wiscasset to value, Varney reviewed the valuations of the other racetracks in Maine.
The property’s valuation was $1.2 million in 2007, but now is perhaps around $450,000, a decrease in $819,000 which means a $12,407 loss in tax revenue for the town, she said.
Laurie Smith explained selectmen can correct errors and omissions in valuation, but only the assessor can change the actual valuation.
Richard asked whether the back taxes of approximately $41,000 would be reconsidered if the valuation were to be changed also.
Varney agreed to take a walk on the property with the Jordans, after they meet and walk the property with the DEP. She will work on the valuation on the property and meet again with the selectmen and with the Jordans. They will meet again with the selectmen on Aug. 28.
