Ahead of a much-anticipated NASCAR Sprint Cup race in July, the Kentucky Tourism Development Finance Authority has approved incentives for the Kentucky Speedway.

Kentucky Speedway is currently undergoing an $82 million expansion and the approved incentives have made Kentucky Speedway eligible for up to $20.5 million in tax rebates over a 10-year period. To approve the incentives for the Kentucky Speedway in Gallatin County, the six-member board voted unanimously and to give preliminary approval to the Ark Encounter park in Grant County.

In a statement, Gov. Steve Beshear said that an annual $150 million economic impact in Kentucky would be from the Sprint Cup race. Especially during the current economic recession, it will be great news. Seating capacity is being expanded from 60,000 to 102,000, and parking and camping areas are being enlarged, to accommodate the Sprint Cup race, scheduled for July 9.

During a 10-year period, the approval means the speedway will be eligible for as much as $20.5 million in performance-based rebates, based on an investment of $82 million. Through the recovery of sales tax generated at the racetrack, the incentive allows the applicant to recover as much as 25 percent of development costs.

A 500- by-75-foot wooden ark will be the centerpiece of the Ark Encounter Park, billed as a replica of the biblical Noah’s Ark. With critics, questioning whether granting state tax incentives to the project would violate laws separating church and state, the proposed project has garnered national and international attention. The race, which is scheduled for July 9 would be very enthralling for every spectator.