INDIANAPOLIS (AP) — The community that's the home of the Indianapolis Motor Speedway is getting more than $430,000 in state funding to help complete several road and sidewalk projects.

The town of Speedway received the grant from the Indiana Department of Transportation for five road resurfacing and sidewalk replacement projects in residential areas.

It's the fourth consecutive year the central Indiana community that's located within the city of Indianapolis has received the competitive grant.

Town Manager Jacob Blasdel says the funding represents a "significant investment" in the infrastructure of the town, which plays host to the Indianapolis 500 race each May.

Blasdel says "prudent financial management and budgeting over many years" put Speedway in a position to receive the funding, which comes from the 2019 Community Crossings matching grant program.