Controversy and Accusation
In 1984 the site was sold by Madison Square Garden, at the time a subsidiary of Gulf+Western, to a group of investors (Roosevelt Raceway Associates) led by incumbent raceway president Bill Hopkins and investor Charles L. Evans, via $54 million in tax-free bonds issued by the Town of Hempstead Industrial Development Agency. At the time of purchase they promised " . . to successfully operate the Roosevelt Raceway in its existing location and to preserve a traditional source of enjoyment and revenue for the citizens of Hempstead and surrounding communities." But Raceway Associates closed the track in 1988, and became embroiled in a controversy over the bonds, that would lead to an investigation that would include New York Senator Alfonse D'Amato. No one would be found guilty of any legal wrongdoing. At the time of closure, the property was valued at approximately 200 million dollars. The investment group was unable to develop the site, and as the facilities were not maintained, the grandstand and stables began to decay and the track removed. Although shopping centers were soon built on the former parking lots and stable areas, the grandstand would not be demolished until 2002.
Read more about this topic: Roosevelt Raceway (harness Racing)
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