Lacey Still In Race For Track -- Victoria Investors Bankroll Proposal

The lawyer for the proposed Capital Downs Thoroughbred track in Lacey says three wealthy Victoria, B.C., investors are pledging a total of $30 million to bankroll the project.

The Capitol Downs group had been given until today by the Washington Horse Racing Commission to come up with financing to remain a contender with rival groups proposing Thoroughbred tracks in Auburn and Fife.

The commission plans to name a successor site for Longacres by April 25 by granting racing dates to one of the groups.

Attorney Joseph Finley identified the three Victoria investors as Jon Franchetti, Jean-Louis Giffon and Gerry Capps.

"These people are well capable of providing this investment," said Finley. He said all of the $30 million should be deposited in a Seattle bank by April 10.

Finley said the investors "are not directly tied to the horse industry."

The Lacey proposal is structured so that the 310-acre site will be owned by the nonprofit Washington Thoroughbred Encouragement Society and the investors will own the operating company that will build and operate the racetrack under a longterm lease.

Meanwhile, the citizens' group organized to oppose the proposed Auburn track had a news conference yesterday at the home of Ruth E. Stewart, whose residence is 90 feet from the track's planned northeast turn.

Stewart is co-chair of CAPOW (Citizens' Alliance for the Protection of Our Wetlands). CAPOW's lawyer, Jeffrey Eustis of

Seattle, was one of the speakers.

Responding to a reporter's question, CAPOW officer Angela McClelland mentioned the possibility of a lawsuit, which could delay or block construction, if the commission grants the Auburn track racing dates.

Responding to another question, Eustis said CAPOW isn't receiving any funds from the Fife racing interests. He said CAPOW has about 35 members, almost all of them living near Auburn.

Stewart, 77, said she was born in the house and isn't about to sell. She said she opposes the track mainly because she opposes gambling but also because of the traffic, noise, loss of wetlands and harm to wildlife that will result if it is built.

Eustis said the Auburn plan can be challenged legally on several grounds, including his interpretation of state law that the commission can't act until a final environmental-impact statement is issued. The preliminary environmental-impact statement for the project was released only a week ago and the final version isn't expected for months.

CAPOW maintains that traffic conditions in Auburn would go from "deplorable" to worse if the track were built. The group said traffic would increase even more if the City of Auburn also allows construction of a proposed shopping mall near the track.

The group pointed out that Fife residents almost unanimously supported the Fife site at a hearing last week, while Auburn residents were split on whether they want a track in in their city.

The Fife group is ahead of Auburn in the environmental and permit process but lacks a necessary bank loan. Fife Thoroughbred Racing Association maintains that a $10-million loan is about to be approved and that its track could open faster than a track in Auburn. The Fife group has said it could open next year.

The Auburn group also maintains that could open in 1994.

---------------------------------------- The race

The Washington Horse Racing Commission plans to choose a replacement site for Longacres by April 25 and has candidates in rival groups seeking to build tracks in Lacey, Auburn and Fife:

[ Lacey: Capitol Downs group planned to announce today that it had obtained financing and would remain in the race to replace Longacres.

[ Auburn: Northwest Racing Associates has financing and maintains that its track could open next year.

[ Fife: Fife Thoroughbred Racing Association says that a $10-million loan is about to be approved and that its track could open next year.