South Boston Speedway officials announced a three-year, $1 million capital improvement plan Saturday night that will include repaving the 4/10ths mile oval and the renovation of grandstands.

The paving and grandstand renovations will be completed in the first year of the three-year project. The grandstand improvements will be finished in time for the 2016 season while repaving will begin immediately after the 2016 season in September and be completed in time for the 2017 season.

“Every year there is speculation that my family will sell the track. And every year I say we are committed to South Boston Speedway, the town of South Boston and the tremendous fans of our beloved SoBo and NASCAR,” said Nick Igdalsky, senior vice president of South Boston Speedway and chief operating officer of Pocono Raceway, which owns South Boston.

“So tonight I am overjoyed to make that commitment concrete with a $1 million renovation of South Boston Speedway.”

The announcement was made at South Boston Speedway’s annual awards ceremony and Virginia Motorsports Hall of Fame induction Saturday night.

It will be the first time the 4/10ths mile track has been repaved since 1993.

In years two and three of the plan, the lighting and sound system will be upgraded along with the addition of fan amenities and conveniences, which will include a picnic area and kids’ playground.

“I have served as general manager at South Boston Speedway for many years and I’m very happy to say Halifax County and South Boston is very fortunate to have a venue of this kind,” said Cathy Rice. “We are blessed to have the Mattioli and Igdalsky families (owners of Pocono Raceway) to invest in this historical track. I’m thrilled about all the renovations and changes that are taking place for fans and competitors.

“I want to personally thank the Pocono family for all they have done and are doing for the speedway and I’m honored to be called the little sister track of Pocono Raceway.”

Igdalsky said in addition to improving the race track itself, that he and the South Boston staff are focused on improving the on-track product.

“We are committed to giving the fans and teams what they want … better racing and lower costs,” said Igdalsky. “Aggressive rule changes for the 2016 season have been adopted. Some have already been announced like the tire rule and $500 to start each night of racing.”