Demolition begins at failed Wayne Co. horse track

Demolition begins at failed Wayne Co. horse track:
Horse track property lists for $8 million
Demolition is under way on a failed $50-million horse racing track that was one of Wayne County's biggest economic development debacles of the past decade.
The abandoned Pinnacle Race Course near Detroit Metro Airport, which opened in 2008 and closed in 2010, saw its main pavilion ripped apart Monday by excavating equipment.
...A real estate listing online shows the property for sale with an $8-million asking price.
The property's unpaid tax bill is at least $2.3 million, county officials said.
..."Everyone knows that this was a terrible business deal," Bridges said.
...But years earlier, the Pinnacle track was a celebrated economic development project for Wayne County, which invested $26.6 million in sewer and other infrastructure improvements to get the thoroughbred track up and running.
The Wayne County Land Bank also sold the entire 320-acre property to Campbell and other racetrack investors for $1.
In exchange for the $1 deal, the track's corporation promised to create or retain 1,100 construction jobs and 1,200 full-time permanent jobs or suffer financial penalties based on the estimated market value of the land, at the time $8.6 million.
The Pinnacle track struggled financially almost immediately upon opening and fell behind on property taxes.
Financial records show the track lost $2.5 million in 2009 and $4.8 million in 2010.  
Efforts to revive the track by creating a “racino” with slot machines failed.
Some local officials were surprised when the county signed off on documents that said Pinnacle created or retained more than 1,500 full-time jobs (not including construction) during just its first year. 
A subsequent 2011 report by the Wayne County Auditor General said the land bank’s bookkeeping was so shoddy that auditors couldn’t accurately tally the Pinnacle job numbers, which counted UPS delivery persons as full-time jobs..."