In November of 2009, Fast Track Cycling, Inc. entered into a purchase option agreement with the City of Cleveland to acquire an 8.9 acre parcel of land located along Broadway Avenue in the Slavic Village neighborhood. Since that time, Fast Track has been completing site due diligence and fundraising for its proposed project. Specifically, Fast Track has completed the following:
· ALTA survey;
· Soil borings;
· Plans and specs are 30% complete;
· Panzica Construction provided a detailed cost estimate;
· Project costs (land, hard and soft) estimated at $7,500,000;
Based on the above completed due diligence and the overall fundraising environment, the Board of Fast Track seeks to employ a phased strategy. As part of Phase I, Fast Track is finalizing a purchase agreement to acquire a portable velodrome track for $350,000. Fast Track has raised all but $20,000 of the money needed to acquire and operate the portable track. Per the schematic contained in Exhibit A, the dimensions would be 166 meter around by 5.5 meters wide. The area needed for this track is approximately 33,000 square feet (i.e. 234 feet by 140 feet). The velodrome track requires a flat site and is anchored in place by 12” x 12” concrete pads that are placed on the ground (no footers required). The track features bolt on construction and can be assembled and/or disassembled with about 50 man hours of labor. The photo below is of a 200 meter track located in Rochester Hills, MI that was built by the same builder Fast Track is working with.
In order to begin our programming and help raise additional funds for the $7,500,000 project, we would like to locate the track on NE corner of the smaller St. Michaels parcel (closest to Sokol Center) on a temporary basis. The track will be situated on the asphalt section of the smaller parcel with parking available on the western portion of the parcel. Please see Exhibit B for a proposed layout. The portable track has a construction lead time of about 60 to 90 days and we would like to have it operational this summer on or about August 1, 2011.
We are very eager to implement our programming which will be modeled after the Velodrome in Rochester Hills, MI. The programming would be volunteer run and available seven (7) days per week. Please see Exhibit C for details about the Programming. It will be available to kids from age 9 and up as well as adults.
As mentioned previously, Fast Track is prepared to purchase the portable velodrome track for $350,000. Or group has been hard at work and nearly all of the money has been raised as summarized below:
Sources of Funding Uses of Funding
Founders Club $50,000 (Pledged) Track Purchase $350,000
Gold Medal Club $25,000 (Pending) Site Work/Landscape $15,000
JAM Foundation $50,000 (Pledged) Equipment $10,000
Vendor Financing $230,000 (Committed) TOTAL $375,000
The Slavic Village site is preferred by our Board, but we are also considering other temporary and/or permanent sites for the portable track including locations in Cleveland as well as Cuyahoga, Lorain, Lake and Geauga counties. In order to move forward on the Slavic Village site, Fast Track would like to present the following for the City of Cleveland’s consideration:
· Via a lease or other usage agreement, allow Fast Track to locate the track on the smaller parcel for 18 to 36 months (at your discretion). We can remove the track from the site with 120 days written notice.
· Extend the purchase option agreement thru November 2012;
· Fast Track could maintain responsibility for upkeep of the parcel;
· Any operating surplus would be used for site improvements and beatification of the parcel(s);
The point of the phased strategy and purchasing a track now are to assist us in raising the $7,500,000 for the project (see Exhibit E for current rendering and schematics) and to develop our youth and adult programming.
Fast Track proposed to locate the portable track on the NE corner of the smaller parcel. It will site on the asphalt section of the smaller parcel with parking available on the western portion of the parcel.