International Speedway ( ISCA) amended its lease agreement with the Daytona Beach Racing and Recreational Facilities District.

The extended lease agreement will take their relationship through to Nov. 7, 2054. The extended agreement includes a cash lease payment, excluding applicable sales taxes, of $500,000 for 2007, which will increase every five years. This will result in an average annual cash payment of about $750,000 for the tenure 2007 to 2054.

The previous lease agreement was for annual cash payment of $10,000 per year through 2007, increasing to $20,000 per year from 2008 through 2032.

According to the generally accepted accounting principles in the United States, annual lease expense has to be recognized on a straight-line basis over the revised term of the lease.

Accordingly, ISC expects to record about $500,000 in additional lease-related expenses for fiscal 2006, including sales taxes and lease-related expenses.

"The successful lease extension further demonstrates the significant, long-term commitment of ISC and my family to the Daytona Beach community," said ISC President Lesa France Kennedy. "My grandparents signed the initial lease in 1957, which helped create the World Center of Racing and NASCAR's preeminent event -- the Daytona 500. The extension is a win-win for all involved, as it enables our continued investment in the area and provides an increased source of funds for the District to utilize for worthy community projects."
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