TAX BREAK: Council Helps Speedway With Expansion Plans
The Newton City Council approved a plan to help the Iowa Speedway lure bigger races.
Thursday, the council approved a plan to lower the minimum assessed value of the Speedway from $40 million to $20 million. That means the Speedway will pay less in taxes in the coming year.
They can put the extra cash towards plans to build more seats. The owners say if they increase their current 40,000 seat capability to 100,000 they could potential attract a Sprint Cup series race to Newton.
The legislature is also considering a bill that would give the Speedway $8 million in additional funding.
The owners of the Speedway say a major race could lead to more than $100 million in new economic activity each year.