July 4, 2009
Letter to Employees, Racers, and Fans
I have leased the track to Joe Spiker the individual. Joe Spiker Promotions will be running the track for the next five years with an option to run it five additional years if both parties agree. I am still the legal owner of the facility. All employees of Lincoln Park Speedway will stay in place with no planned changes by Joe Spiker. Just like when I purchased the track from Bill Hopton, Joe will make employment decisions based on each individual’s performance. The thirteen page lease agreement has numerous assurances for issues like “must use the name Lincoln Park Speedway” and “Lincoln Park Speedway must be operated on Saturday nights every April thru September for the term of the lease” and on and on……... To the racer and the fan they should see no change other than proposed capital improvements by Joe Spiker. This thirteen page document is a lease agreement only! As always, any of the real estate investments in my portfolio are for sale, if an agreed price can be negotiated. So don’t forget even you could own Lincoln Park Speedway tomorrow and be Joe Spikers new landlord. This lease as in all of my lease contracts would give the leasee (Joe Spiker) the right to match any accepted offer of purchase.
I have casually known Joe for five years and have gotten to know him quite well over the last three months while we have worked this deal out. I am confident that he will be an asset to the speedway. I hope all concerned will see this as a positive or at least with an open mind. I look forward to seeing you next Saturday July 11th for our Fireworks show and some great racing. I’m sure Joe will stop by to meet his soon to be new employees on a one to one basis. Myself and my family will be hanging around for a few weeks to help Joe in any way we can.
Sincerely,
Dave Allison
