SF 4321 to set speedway’s pace
In 40 days, the engines will roar a powerful sound throughout Iowa Speedway, igniting a rush through the fans to kick off the 2014 racing season. The Iowa Speedway is the “fastest track on the planet,” but the 2014 season will be about more than just racing.
“Iowa Speedway will always be about racing, but NASCAR plans to bring in a new era of racing and fan experience using the Speedway,” Iowa Speedway President Jimmy Small said. “We’re still quite a ways out to make any official announcements, but we’re full speed ahead till the green flag drops on the first race of the season.”
On Wednesday, Small was in attendance for the signing of Senate File 4321 during the town hall meeting held at Newton Manufacturing. Small stated how the signing of the file is key to develop the already “iconic feature and venue” in Iowa.
“NASCAR and Iowa Speedway have a vision to transform Iowa Speedway into a much more popular entertainment and racing destination as well as a much more powerful economic engine for the state,” Small said during the town hall meeting.
Lawmakers originally agreed to rebate the 5 percent state sales tax through 2016 with an expected $12.5 million benefit, when the track first opened in 2006. The racetrack has recouped $3.5 million so far and the new law, effective upon enactment, ensures the remaining $9 million tax benefit through 2026.
“The tax benefit is going to allow us to do more with the Iowa Speedway fan experience overall,” Small said. “It will allow us to develop plans for the next 10 to 13 years. The economic boost of the Iowa Speedway has provided a $50,000,000 dollar boost to the economy.”
The plan of doing more with the Iowa Speedway will only increase the economic boost for Newton and Iowa.
“The economic boost will continue to grow as we do more at Iowa Speedway,” Small said. “The fans coming to the Speedway will create revenue, which will create more jobs. In the end, it’s an economical boost for everyone.”
Small and his staff working with Ovations food service on creating an Iowa experience with food at the Iowa Speedway.
“After the taste testing I was so full, I regretted eating breakfast that morning,” Small said with a laugh. “The taste testing was very successful and were looking forward to some of the new food selections for this season.”