Heading off possible years of litigation, two rival Texas firms have joined forces in an effort to build a bond-financed horse racetrack in suburban Dallas.
Last week, representatives of Lone Star Jockey Club and Midpointe Racing called a truce in the court battle over the license to develop and operate a major racing facility in Grand Prairie.
The joint venture to develop the track will be called the Lone Star Jockey Club.
Grand Prairie officials said they were able to bring the two factions together after saying they could not indefinitely guarantee the city's willingness to provide $65 million in tax-free bond financing to develop the track.
The city plans to use tax-exempt bonds because voters last year authorized a special sales tax to back the bonds for up to 20 years. Little Rock-based Stephens Inc. has been hired to underwrite the bonds, though city officials last week said they were not certain when the private placement might be completed.