Dear Members and Friends of CMI:
On behalf of myself and Andrzej Brzezinski, CMI’s new chairman, I would like to express our thanks to our current members, supporters, and friends who so strongly and passionately believe in our project. Without your support and loyalty, we would not be able to continue the development of Valley Motorsports Park. Andrzej and I are pleased and excited to lead CMI through its final phases of permitting and begin construction.
Before I provide you and update on CMI’s current situation, I want to tell you a little more about myself. I am an original shareholder of Club Motorsports. Like you, I have a passion for performance driving, in particular vintage racing, especially road rally events. I am an avid collector and restorer of classic cars, and therefore I am extremely excited about having a unique, challenging, and safe road course on which to exercise my vehicles. My first experience with performance cars began in 1958 when I absolutely fell in love with them; a passion that has never wavered.
I graduated from Harvard College in 1962 with degree in chemistry and received my MBA from Harvard Graduate School of Business in 1965. I served on active duty with the United States Air Force for one year and spent another five in the active reserves. After HBS, I started my business career as a portfolio manager at Scudder, Stevens & Clark. After Scudder and several other investment counsel firms, I was a managing general partner of the Claflin Capital Venture Partnerships for seventeen years. Currently, I am a managing member of AlphaMetrics Capital Management LLC.
In addition to cars, I have a passion for flying and rowing. I have been flying now for forty years and I have competed in all but three of the forty Head of the Charles regattas. My wife, of thirty-two years and I have two children and one grandchild.
Club Motorsports Current Position & Next Steps
As many motorsports enthusiasts have come to know, when you have an engine rebuilt or a transmission replaced; often the process simply takes much longer than you want. It can be a frustrating experience and we at CMI can certainly relate to this analogy. However, in terms of Valley Motorsports Park, there is much to be proud of, and we have made steady progress. We have secured two major permits from the New Hampshire Department of Environmental Services (NH DES). Certainly, we would have wanted to secure them sooner but the most important thing is we have now secured them.
The next item on our priority list is the third major construction permit application which is currently under review by the U.S. Army Corps of Engineers. Many of you have asked when we expect to receive a ruling by the ACOE. This is a question we can’t answer with any certainty, and it would be presumptuous of us to put a timeline on how long the Army Corps will take to complete their review. We continue to work closely with them to promptly address any concerns or questions they have.
With respect to securing our permits and developing the project, when it has been necessary, we have taken the extra time and expense to fully answer all questions from regulators at the local, state, and federal level. We feel this is the most appropriate approach, and we will continue with this philosophy. While we have done our best to provide a timetable for the project, we have come to realize and embrace the fact that building a motorsports country club is much more like a marathon than a sprint.
Additionally, I have been asked by members about my feelings about those who oppose the project. First, I have not yet had the opportunity to meet with them and discuss their issues, so it is difficult to answer that question. However, I respect the rights of all citizens to have an opinion on our project. At the same time, it is important to remember the hundreds of supporters of our project in Tamworth – a silent majority – who look forward to the many benefits that Club Motorsports will bring to Tamworth – good new jobs, several hundred thousand dollars annually in new tax revenue, and stimulation of the local economy.
We remain optimistic about concluding the permitting process and beginning construction in 2005 on a world-class resort and economic development generator for Tamworth and the Mount Washington Valley region. The company is well positioned for continued growth and we have the support of the Board of Directors, as well as well as a very strong group of lead investors. As we learned from the Boston Red Sox this past season, you just have to BELIEVE!
Happy Holidays to all and we wish everyone a safe and prosperous New Year.