The Governor inked a deal that gives the green light to an expansion project at the Knoxville Raceway Tuesday.
“I'm a big racing fan,” says the 5th grader Michael Cunningham.
His class took a field trip to the Knoxville Raceway this morning to watch Governor Branstad sign off on a new tax rebate for the track.
“It provides kind of a tax incentive that comes from the revenue you generate from sales tax to be invested here in this raceway,” says Governor Terry Branstad (R) Iowa.
The money will be used to build a new four-story building at the track. The project will include a new ticket office, suites and a restaurant and bar. It could cost estimated at $8 million and the state has agreed to chip in up to $2 million.
He lives in Missouri, but races in Knoxville every weekend during the season.
“This is a huge, huge day at the speedway and something we're really looking forward to,” says Brown.
Once complete, it will create an even better racing experience for the faithful fans who pack the stands every season.
“We have a formidable effort of drawing local, regional, and national and international spectators to the greatest sprint track in the world,” says Brian Stickel, Knoxville Raceway General Manager.
“Two-hundred-eleven-thousand people here during the last season and they're going to improve and enhance the facility. hopefully we'll see more in the future,” says Branstad.
Securing Knoxville’s sprint car capital of the world status for generations to come.
“It's fun to be here,” says Cunningham.
There is no start date for the project. Track officials say they were waiting to secure the tax breaks. Work could begin in 2016.