The Charlotte City Council Monday approved increasing the amount of funding for the NASCAR Hall of Fame by about 20% to just under $200 million.

The widely anticipated project will be funded with a mixture of certificates of participation and contributions from the state and city of Charlotte. That includes $102.5 million of certificates of participation backed by a dedicated 2% hotel-motel room occupancy tax, $15.5 million of COPs supported by the existing room occupancy tax that’s dedicated to convention center facilities, and a $16.5 million in private contributions backed by a bank loan.

When the hall of fame was first proposed in 2005, its cost was supposed to be around $140 million, though that number has steadily increased in the years since. The project is slated to be completed by 2010.

NASCAR awarded the project to Charlotte in 2006. Its size is expected to be 150,000 square feet and will include exhibits honoring the drivers,  a 250-seat theater, and restaurants.

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