Cayre proposes to spend $50 million to develop the site, which would be focused on a 3.2-mile asphalt track for both professional and amateur auto races. The complex would include other entertainment uses, a health spa, fitness center and business space to turn it into a year-round operation, Cayre told Cumberland County freeholders (commissioners) at the unveiling.

"This will significantly help the local economy," Cayre told the county freeholders, noting that it would bring revenues into the region and create nearly 200 jobs. "South Jersey is due."

The proposed project has a number of interesting angles, including the fact that it would be located in a federally designated empowerment zone, which would make the developer eligible for low-interest bonds. And if the state legislature ever gets around to passing the Sports and Entertainment District legislation that was on the table for most of last fall (the new arena for Newark was the key issue), N.J. Motorsports would likely be eligible to use sales tax revenues as a financing mechanism.