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Banning Drag Strip = FAIL

3K views 8 replies 8 participants last post by  1quik69 
#1 ·
After all these years the inevitable has happened.

http://www.dragcity.net/

"THE DRAG CITY PROJECT CAME TO AN END IN THE CITY OF BANNING
ON OCTOBER 23, 2007.

THE CITY COUNCIL HAS VOTED TO BUILD INDUSTRIAL PARKS ON THE PROPERTY THEY ACQUIRED FROM THE FAA FOR OUR DRAG STRIP BECAUSE BANNING AIRPORT ASSOCIATES (BAA) FAILED TO MAKE THE REQUIRED ESCROW DEPOSIT AND TO BUILD THE TRACK IN THE TIME FRAME THE CITY WANTED.

WE FEEL THAT THEIR TERMINATION OF THE AGREEMENT IS UNLAWFUL AND A LAWSUIT WILL BE FILED AGAINST THE CITY OF BANNING IMMEDIATELY!

In the meantime, We, the Marocco's of DRAG CITY, want to THANK ALL OUR SPONSORS, FRIENDS,RACERS, and FAMILIES WHO SUPPORTED OUR EFFORTS FOR THE PAST 7 YEARS! WE tried our hardest to make it a reality however in the end you don't always control what you started.

TO ALL our "original" investors and sponsors we will make every effort to pay back 100% of your deposits as soon as we are able to liquefy our assets.

40 ACRES OF LAND IS CURRENTLY AVAILABLE FOR $12.2 million
industrial zoned near airport with off site improvements completed on Barbour Street"
 
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#5 ·
#6 ·
this has been going on for at least 15 years. one time I heard that the guy embezeled all the investers money, kinda like what I read as they say
"TO ALL our "original" investors and sponsors we will make every effort to pay back 100% of your deposits as soon as we are able to liquefy our assets."
I never had any thought that it would ever go through
 
#8 ·
UPDATE FROM THE DRAG CITY SITE​

DRAG CITY IS FIGHTING BACK!!!!!! (10/25/2007)

To the racers and our supporters:

We are fighting back and already have Banning City Council members reconsidering their vote this past week to "terminate the master agreement" to build Drag City.

As you may or may not know we went through a tough time with an "investment group" that promised the world to us and the city of Banning. They didn't produce the cash necessary in their 3 years time at the helm.

However, we did gain 100% control of our company back and now have the leverage of land (that tripled in value) to offset the cost of construction, putting us in a better position then ever to build.

The city became gun-shy after the "investment group" left a bad taste in their mouth last month. We tried and succeeded in acquiring the investments group's LLC Company, master agreement with the city and its land just 2 weeks ago. But because the damage was done, the city didn't want to continue this past Oct. 23rd.

There is still hope! We have a plan to reverse that decision with a possible lawsuit and the power of masses through an email petition.

If you love this sport and want a weekly place to race in Southern California... make a difference and let the city of Banning know by signing the following petition.

Please fill out all the required fields of the petition to make it legal. Thank You for your support. It's not over yet!


http://www.ipetitions.com/petition/dragcity/
 
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