A 3rd District Court judge has sided with an unsuccessful bidder and reversed the sale of Miller Motorsports Park that Tooele County officials announced in August. Center Point Management of Wyoming filed suit in September to stop the $20 million sale of the 511-acre site to Mitime Investment and Development Group, a subsidiary of Geely Group of Companies.
A 3rd District Court judge has sided with an unsuccessful bidder and reversed the sale of Miller Motorsports Park that Tooele County officials announced in August. Center Point Management of Wyoming filed suit in September to stop the $20 million sale of the 511-acre site to Mitime Investment and Development Group, a subsidiary of Geely Group of Companies.
Mitime, a Chinese automobile manufacturer, had announced plans for a major investment in the site following the August announcement, but Center Point filed a lawsuit claiming it had made a significantly larger bid on the property and that Tooele County unlawfully sold it well below market value. Center Point claimed the Chinese firm was chosen based on unverifiable promises by Mitime for future development at the park.
Judge Robert Atkins said in his written ruling on Dec. 17 that, using its own data, Tooele County taxed Miller Motorsports Park at a rate that valued the property at about $28.1 million. Center Point reportedly bid $22.5 million on the park prior to the sale. Atkins said those two factors show the county knowingly sold the property below market value, which is illegal in the sale of public property. During the litigation, Center Point reportedly said it would pay $28.1 million for the property.
The judge characterized the selling ofthe property below its value as a disservice to residents and other bidders. “It appears that such rights were granted (to Mitime) in an inappropriate attempt to circumvent the law and avoid the prospect of having to address a higher purchase offer from another willing purchaser,” he wrote in his published ruling.
“We are disappointed by the judge’s findings,” said county Commissioner Shawn Milne in a statement at the time of the ruling. “Tooele County is committed to bringing about the successful sale of the Miller Motorsports Park property. It is important to the citizens of the county that it remain a viable racetrack, and that the jobs and businesses associated with the facility, as well the revenue realized by the county and area businesses, remain intact.”
The day after the ruling was handed down, county commissioners expressed disappointment at the ruling but said the bidding for the purchase of the property will be reopened. The county said it will not appeal the ruling because its top priority is selling Miller Motorsports Park as soon as possible. The county said it will issue a public notice that it is again accepting bids for the property “and ... will accept the highest cash offer.” It is unknown precisely when a public notice will be made.
Alan Wilson, president of Mitime Utah Investment, said in a statement that Mitime still wants to purchase the property despite the setback, adding that the firm wants to preserve jobs there. “Mitime Utah Investment is fully committed to following whatever process that Tooele County deems necessary to complete the sale of the property,” the statement said. “We feel it is imperative that the facility remain open for business, ensuring the employment of the track staff and enabling the garage tenants and their various businesses to remain intact. Keeping the track open for business will also benefit the revenues of Tooele County and area businesses.”
Read more:The Enterprise - Ruling means county will reopen bidding on race facility