NEWTON - Groundbreaking for a $70 million NASCAR-style auto racing track along Interstate 80 in central Iowa brought scores of racing fans to Newton.

The track's co-designer, NASCAR driver Rusty Wallace, was on hand on Tuesday to tout the 7/8 mile asphalt oval that will be built by U.S. MotorSport Entertainment Corp. Track organizers say it will be the industry's first driver-designed speedway.

"We're going to build this facility. We're going to showcase this facility, and I'll promise you we're going to have some great races," a bulldozer-driving Wallace said.

Angie Davis, of Winterset, was one of the first people in line for Wallace's autograph on Tuesday, saying she'd waited all morning. She wanted to get an autograph to surprise her husband, a Wallace fan.

Wallace said the speedway project is an "economic shot in the arm" for Newton, where the area's top employer, Maytag Corp., faces an uncertain future.

The racetrack has gotten a handful of economic boosts from the state, including a $1 million loan handed down by the Iowa Department of Economic Development Board just a couple of weeks ago.

The project is expected to create 26 jobs at an average wage of $14.66 an hour, development officials have said.

The city of Newton promised a $1.3 million loan for land and a $2 million loan to finalize the project. The money was borrowed by the city and backed by tax receipts from a tax increment finance district in Newton.

The speedway will have 42,000 permanent seats for races and space for 40,000 temporary seats. It will feature auto racing and entertainment venues for exhibitions, car shows, trade shows and similar events.

ARCA, USAC and ASA have all agreed to sanction races at the complex.

Last month, Gov. Tom Vilsack signed a $12.5 million incentive package - exempting the track from paying sales tax on the first $12.5 million in sales. The tax break would end if the track's ownership changes.

Jim Todd, of Altoona, came to Newton on Tuesday to celebrate the new racetrack.

"We're racing fans and excited to have a racetrack so close by," he said. "We'll be coming to the track quite often."