The Raceway Press Release You May Never Have Seen

Here it is. That infamous press release that Eddie had to talk about and that no one otherwise would have known about. And if you want to know more about the Raceway arena, go to http://www.projecticetrack.com/

FOR IMMEDIATE RELEASE

Project Ice Track Responds to Mayor Francis’ Concerns

July 17, 2006 – Project Ice Track is a proposed Regional Sports and Entertainment Destination development at the existing site of the Windsor Raceway that would be developed jointly by the Toldo and Rosati Groups of Windsor. The Project Ice Track proponents anticipate the destination will include live horse racing, the Slots at Racetracks program, a spectator arena, a second community ice pad, a Windsor/Essex County Sports Hall of Fame, a Wayne Gretzky restaurant and ancillary operations. The Project Ice Track Team first met with and submitted its detailed proposal for Project Ice Track to the Mayor of the City of Windsor on May 29, 2006.

On July 14, 2006 after meeting with all stakeholders, Windsor Raceway announced the proposal to integrate its horse racing operations into Project Ice Track.

Windsor Raceway’s exciting announcement was covered by local media outlets and in the Saturday, July 15, 2006 edition of the Windsor Star Mayor Eddie Francis indicated some issues needed to be resolved before Windsor City Council could consider the merits of Project Ice Track. The main issues identified by Mayor Francis included 1) lands that are a part of the Tom Joy Woods; 2) the proposed rate to be charged by Project Ice Track for ice time to be used by the City; and 3) the negotiation of an agreement with the Windsor Spitfires Ontario Hockey League franchise.

In an attempt to move the project forward to Council, the Project Ice Track Team quickly responded by letter to Mayor Francis to address his concerns voiced in the media. Project Ice Track is pleased to share with the community some clarification with respect to the issues that follow:

1. Land Issue: In the July 15, 2006 edition of the Windsor Star the Mayor said 50 acres of the Tom Joy Woods was required from the City “for the footprint of the new arena”. The Project Ice Track Team has sent a letter to Mayor Francis clarifying that the Tom Joy Woods lands were never requested for the footprint of the new arena. The letter also reconfirms that the land necessary to accommodate the Project Ice Track arena utilizes existing Windsor Raceway land.

2. Ice Time Costs: A second concern expressed by Mayor Francis was with regard to a request that the City commit to a guaranteed number of ice hours on an annual basis at rates which the Mayor described as “over and beyond” what the City currently pays. The rate referred to was taken from a pro forma business plan which sets out a blended rate for all ice rentals. The blended rate is not the rate that the City will pay. The Project Ice Track proposal submitted to Mayor Francis provides that the City will only pay comparable facility rates and the Project Track Team has confirmed to the Mayor that the City will pay nothing other than competitive commercial market rates.

3. The Windsor Spitfires: Another concern expressed by Mayor Francis was that the Windsor Spitfires have yet to commit to the proposed Project Ice Track arena. The Project Ice Track Team has updated Mayor Francis on discussions with the Spitfires and expressed surprise that their proposal might not be placed before Council until an agreement is in place with the Spitfires. The Project Ice Track Team let Mayor Francis know that the Spitfires have expressed their desire to remain neutral with respect to site and operator until Council makes a decision. On July 7, 2006 the Project Ice Track Team submitted a Letter of Intent to the Windsor Spitfires and they have requested that the Spitfires meet to discuss the proposed terms. The Windsor Spitfires have agreed to meet on July 18, 2006 at which time the Project
Ice Track Team hopes to receive initial comments from the Windsor Spitfires about the Letter of Intent.