BANGOR – A letter of intent to purchase Bangor Historic Track Inc., was finalized Tuesday afternoon in Portland with the signature of Hoolai Paoa, the representative of Hawaiian businessman Shawn Scott.

Paoa is the chief executive officer of Capital One LLC, a Las Vegas real estate development company and one of Scott’s many business interests. Scott also owns Vernon Downs, a racetrack in Vernon, N.Y. He is attempting to obtain licenses for tracks in Louisiana and New Mexico and is the former owner of Delta Downs in Vinton, La.

Scott bought Delta Downs in 1999 for $10 million and sold it two years later for a reported amount of $125 million after video lottery terminals were legalized in that parish.

Bangor Historic Track general manager Fred Nichols said the signing went without a hitch and that Scott is expected to purchase 49 percent of the corporation within the week.

Scott is expected to buy another 49 percent of the corporation next year and the final two percent in the third year.

The purchase is structured in three stages due to a state statute that would require Bangor Historic Track to relinquish its license to operate Bangor Raceway if 50 percent of the company’s stock changes hands in a calendar year.

Nichols said that Paoa reiterated Scott’s desire to work with the city of Bangor on the development of the Bass Park complex.

City Councilor Frank Farrington said he would like to hear more.

“If he is interested in working with us on the civic center, auditorium and the track, I think we’d be nuts not to listen,” Farrington said. “If you have a bona fide person interested in helping us build our superstructure here in Bangor, that’s very good news. I’d like to see something concrete.”

Councilor John Rohman commended the Bangor Historical Track Inc. for the job it has done.

“I think it’s exciting that there’s some promise for the revitalization of the industry. Bangor Historic Track did a good job of keeping their heads above water,” Rohman said.

Meanwhile, news of the purchase was welcome to people in the harness racing industry.

“I think it’s great. It think it’s going to be a positive for the industry. I think this group wants to put some money in it,” said Wendy Ireland of the Downeast Horsemen’s Association.

She also sees the new ownership as having the ability to give the industry a well-needed injection of life.

“From a horsemen’s standpoint, I think a lot of horsemen think that change is kinda scary, but I think that in this state we need change in order for things to improve. The industry is very stagnant. The purses have been the same for the last 15 years,” Ireland said.

Doug Clendenning, also of the Downeast Horsemen’s Association, looked at it from both the harness racing industry and as a Bangor resident.

“I think it will be good. If he rebuilds the grandstand and rebuilds the stables, I think it’s a great idea. My idea on the auditorium and the civic center is that if it can get into the hands of the private sector it’s a good thing,” Clendenning said.