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Daytona Speedway renovations could stop after tax rebate bill fails

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DAYTONA BEACH, Fla. - Major renovation plans for the Daytona International Speedway may have to be scrapped after state lawmakers failed to pass a bill that would have helped pay for it.

Speedway officials had unveiled an animation of their plans in January. Now they say they're going to have to reassess everything.

Speedway officials weren't the only ones banking on this renovation.

The bill that would have helped make upgrades by providing millions in tax rebates wasn't even brought to a vote.

Local business leaders said it would have boosted the economy.

Jim Cameron with the Daytona Regional Chamber of Commerce said there was much sports-related legislation this session, including Orlando's soccer stadium.

Cameron said the bills hit a traffic jam.

Officials said in order to get the rebates, Speedway officials would have had to first shell out $250 million, which could have been huge for the area.

"It would have put a lot of people to work, that we would need to get back to work, and especially our underemployed," Cameron said.

Cameron said he hope the Speedway will reassess the situation and move forward with the project.

Local business owner Jack Kaiser said he believes the Speedway will make some improvements, but they won't be as big.

"I think they will do something, but they won't do as big of a project as they would have done," Kaiser said.

Speedway officials said they will have to reexamine things before deciding on their next step.

The Chamber says if they decide to try again next year, they'll support the Speedway.