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(Cedar Rapids, IA) -- Cedar Rapids City Council has authorized financial incentives for the redevelopment of Hawkeye Downs Speedway.
Plans include moving the pits to make them more visible, building a new 45-thousand square-foot expo center, and an 88-room hotel.
Estimated cost is 33.8-million dollars.
The city is providing a 10-year, 50 percent rebate of increased taxes generated by the project.
The work will happen in phases starting next spring. It's expected to create at least 32 new jobs.
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