The lease begins in 2007 at an average rent of $500,000 a year and runs to 2054 when the 2% annual escalators will bring the 12-month rent to $1 million. The average annual rent at the three-million-sf Daytona International Speedway will be about $750,000 or an estimated average $11.75 per sf over the life of the lease. The deal is scheduled to close March 28.

ISC owns the 27-year-old track property but not the land. ISC's original 50-year lease expires at the end of next year. ISC has been paying about $10,000 a year rent. The company expected a 25-year extension to bring the new rent to $20,000 annually through 2032, sources close to the transaction tell GlobeSt.com. However, the racing organization didn't expect its rent to jump as sharply as it did in the new lease, sources in a position to know tell GlobeSt.com. "Let's just say they didn't break out any champagne on this deal," a Volusia County government source familiar with the lease details tells GlobeSt.com.

Volusia County Council and the Daytona Beach City Commission choose the five members of the Daytona Beach Racing and Recreational Facilities District. The district promotes recreational events and raises funds through lease payments and the two annual antique-car shows. Under terms of the new lease, the district gets a guarantee to use the track 30 days a year and up to 90 days a year if the ISC is not using the asphalt for a professional racing event.