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CHARLOTTE, N.C. -- The city of Concord says it will fight against a lawsuit filed by Lowe's Motor Speedway owner Bruton Smith.

Smith is suing over a 2008 agreement aimed at keeping him from moving the racetrack out of Concord.

According to the agreement, Concord and Cabarrus County have four decades to reimburse Smith for $80 million in road improvements.

Smith's suit claims they're attempting to back out of that deal.

On Thursday, the city released a statement, saying it "regrets that the speedway has chosen this course. The city will vigorously defend this action."

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