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The committee sent House Bill 303 by Reps. Gary Smith, D-Norco, and Bobby Faucheux, D-LaPlace, to the full House for debate possibly later this week or early next week. Faucheux said a 2 percent tax in the two parishes would generate about $130,000 a year.

He said developers have settled on a 2,000-acre site in Killona as a potential site of a racing facility similar to one proposed for eastern New Orleans a few years ago. The State Bond Commission killed that project when financing and necessary racing dates were not secured.

Neither Smith nor Faucheux identified the parties involved, but Smith said he thinks some of them were involved with the doomed New Orleans oval a few years ago.

Faucheux said that if the Killona site doesn't work out, developers also have expressed interest in a similar-sized site near Edgard. Both sites are used for sugar cane farming, he said.

Faucheux said the measure would create a taxing district to generate local dollars to match state or federal money. "There is a private investor who is willing to put up $100 million" for the project, he said.

"There is an option on the property now," Faucheux said. "This will develop the west bank (of St. Charles Parish), which is rather rural at this time."

The bill is designed specifically for the two parishes and could not be used elsewhere. The tax revenue would be used for infrastructure improvement projects or to provide local matching dollars "to facilitate the location of a speedway or racetrack facility" in either or both parishes. The revenues also could be used to pay off any bonds that are issued.

For the bill to become law, it must be signed by Gov. Foster and go to voters in St. John and St. Charles parishes.

Faucheux and Smith said the attempt to construct a West Bank speedway is "very serious."

"All of the engineering plans are finished," Faucheux said. "It will be trying to attract Indy-quality cars, NASCAR and Busch Challenge cars," as well as road racing and Grand Prix motorsports events.

When the track is not being used, Faucheux said, car companies can use it as a test site for their products. "It will be used year round," he said.

"The critical coup is to get those dates," said Rep. Cynthia Willard, D-New Orleans, a committee member who represents eastern New Orleans.

"In business, nothing is a done deal," Smith said. "They approached us. It is a very, very serious effort. The plans look good."

He said once all the problems are ironed out, the track could be constructed and ready to go in 12 to 18 months.

"It is a perfect stop coming from Florida and Texas," where major auto racing events are offered, Smith said. He said the site is solid farmland and would not have to be filled in.