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 at I-77 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 due diligence:
- Option Agreement with City in November 2009;
- ALTA survey completed (GPD Associates);
- Soil borings completed (PSI);
- Plans and specs are 30% complete (Vocon Architects);
- Formulated detailed cost estimate (Panzica Construction) – Total costs (land, hard, soft) of $7,500,000;
- Fundraising model revised – No senior bank debt; Fundraising timeline adjusted to a 3 to 4 year period;
Based on the above completed due diligence and the overall fundraising environment, the Board of Fast Track has decided to employ a phased strategy consisting of three (3) phases. As part of Phase I, Fast Track is finalizing a purchase agreement to acquire an outdoor velodrome track in time for a June 2012 opening. The dimensions would be 166 meter around by 5.5 meters wide. The land 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 builder recently built the same track for the Chicago Velo Campus project.
Phase I allows Fast Track to start its cycling programming and will help raise additional funds for Phases 2 and 3. We are very eager to implement our programming which will be modeled after the Velodrome in Rochester Hills, MI. Initially, the programming will be coordinated by volunteers and available seven (7) days per week.
