BREMERTON — International Speedway Corp. (ISC) has announced it is no longer seeking to construct a NASCAR-capable racetrack in Kitsap County.

“It has recently become apparent that, despite the significant revisions we have already made to the legislation, various constituents were proposing several additional modifications to the bill in order for it to proceed,” said Great Western Sports president Grant Lynch in a press release. “These additional changes to the legislation were unacceptable and would have had a significant negative impact on our financial model for the speedway development. Therefore, we have decided to no longer pursue the speedway development at the current location.”

ISC first committed to the Kitsap site in 2005. It presented a bill to the state Legislature this year asking the state to fund half of the costs through a bond issue.

After difficulties in gaining legislative sponsors and several revisions, the company decided last week to abandon the effort.

“We worked very hard on this,” Lynch said. “I am disappointed, but am more disappointed for the people who worked so hard to convince their local legislators that it was a good proposal. Nothing would change their minds.”

Lynch said ISC may pursue other Washington sites in the future, but the funding bill “probably would not go through during this legislative session.”

Word of ISC’s decision came as a disappointment to Bremerton Mayor Cary Bozeman, who called it “a missed opportunity.”

“I think it’s unfortunate,” Bozeman said. “It would have meant $2 million to the city of Bremerton.”

Instead of dwelling on the negatives of the decision, Bozeman said he is already looking ahead.

“We need to move on and pay attention to things we can accomplish,” he said. “We’re not going to look back. We’re going to move ahead.”

Poulsbo Mayor Katherine Quade agreed that no track means other opportunities for the county as a whole in terms of economic development.

“I still feel it wasn’t the right fit for Kitsap County,” Quade said. “I think it gives us an opportunity to focus on economic development we all want.”

Sen. Phil Rockefeller (D-Bainbridge Island) said if ISC reintroduces the proposal it should be more specific about benefits and provide details.

“They were always saying that everything could be negotiated but didn’t provide facts,” Rockefeller said. “They never said how they would guarantee the costs if the revenue didn’t materialize.”

“I don’t think their compromises were adequate,” said North Kitsap Commissioner Chris Endresen. “The whole thing was long on promises and short on facts.”

Racetrack supporters feel ISC’s retreat represents a lost economic opportunity.

“I’m very saddened and feel that our elected officials have let down the business and labor community,” said South Kitsap Commissioner Jan Angel. “This was a tremendous opportunity, and now it’s gone.”

Longtime racetrack supporter Rick Flaherty blames the Legislature for the project’s failure.

“It’s disappointing that it never got a fair shake,” he said. “The county lost tens of millions of dollars and the opportunity for substantial economic development.”