news-record.com

MARTINSVILLE, Va. — NASCAR fans worried that they may only get one opportunity a year to watch a Sprint Cup race at Martinsville Speedway can rest easier for at least the next five years.

And track officials had more good news Thursday: They're hiring.

Virginia Lt. Gov. Bill Bolling joined other state and local officials — along with facility owner International Speedway Corporation — to make a series of announcements concerning facilities in and around the race track.

Among those:

• ISC confirmed that the tradition of having a spring and fall Cup race at the 0.526-mile track will continue through at least 2015.

• ISC and the Virginia Tobacco Commission are putting up $1.5 million apiece for facility upgrades, which will include new restrooms and concessions, as well as an expanded concourse area under the main grandstands.

The multiyear project, which speedway officials said will be done in phases, will provide 50 full-time jobs for the duration of the process.

• The Virginia Department of Transportation is taking steps to improve traffic flow around the speedway, building a new access ramp into the facility from eastbound U.S. 58.

Bolling, who was appointed as Chief Jobs Creation Officer by Gov. Bob McDonnell, said making this deal was important for the future of the area.

"Losing one Sprint Cup race would be a catastrophic hit to this local economy," Bolling said. "Conservative estimates put the impact at $75 million annually, a thousand jobs and millions more in state and local taxes.

"However, the psychological hit to a region devastated by job losses in the last decade would be even more debilitating."

Martinsville Speedway, which has the shortest track on the Cup circuit and one of the smaller seating capacities (65,000), saw both of its dates changed for 2011, but the number of races remains the same.

Construction at the track will get under way immediately after the Oct. 24 Cup race and will be managed by Frith Construction Company. The first phase is expected to be completed before the Spring race April 3, 2011.

VDOT spokeswoman Heidi Underwood said the $300,000 highway project is being fast-tracked and is expected to be completed for the fall race.