DAYTONA BEACH, Fla. March 29, 2006 International Speedway Corporation (NASDAQ/NM: ISCA; OTC Bulletin Board: ISCB) ("ISC") today announced that, through its wholly-owned subsidiary Daytona International Speedway, LLC ( Daytona ), it has amended its lease agreement with the Daytona Beach Racing and Recreational Facilities District (the District ).
The amended lease (the DIS lease ) extends the relationship between Daytona and the District through November 7, 2054. The annual cash lease payment, excluding applicable sales taxes, of $500,000 for 2007 will increase every five years, resulting in an average annual cash payment over the 48-year (2007-2054) period of approximately $750,000.
The original lease provided for annual cash payments of $10,000 per year through 2007, increasing to $20,000 per year from 2008 through 2032....
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