The state will provide Thompson International Speedway, the auto racing track in Connecticut’s northeast corner, with an $800,000 loan to fund improvements, Gov. Dannel P. Malloy has announced.
The track has 48 employees and plans to hire at least 23 more over the next two years, according to the governor’s office.
The state Department of Economic and Community Development will provide the loan at 2 percent interest for a term of 10 years. It will forgive $200,000 of the loan principal if the track maintains its current workforce and meets hiring projections.
“Thompson International Speedway has been part of this community for over 74 years. This project shows our continued commitment to the local and regional economy as well as helping to sustain and create jobs in the Northeast region of the state,” Jonathan Hoenig, the track’s chief executive officer, said.
The track will use the state funds to purchase equipment, repave the track’s 1.7-mile road course and erect a 15,000-square-foot garage building comprising classrooms for driver education, new offices, restrooms and a pro shop. Improvements will be made to safety and fencing systems, a bridge structure, storm water control systems and other support facilities.
The track is scheduled to open in June for the 2014 season.