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Hibbing approves five‑year lease with XR Events for Hibbing Speedway, city and operator to each commit $50,000
Hibbing City Council · January 10, 2025
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Summary
Council approved a 60‑month lease with XR Events for Hibbing Speedway with two one‑year renewal options, a move to per‑ticket rent revenue and a $50,000 minimum capital contribution from both the city and XR Events; council described the term as a long‑term commitment to support the racetrack.
City staff outlined a proposed lease and event agreement with XR Events for operation of the Hibbing Speedway and the council approved the measure on Jan. 8.
City service staff said the lease term would be 60 months (five years) with two additional one‑year renewals. Under the agreement…
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