In addition to the National Corvette Museum, the track would also be adjacent to the Bowling Green Corvette assembly plant. The new ordnance includes 405 acres of land rezoned for the new motorsports park, according to the Bowling Green Daily News (via Corvette Blogger).
The park itself is planned to include a double road-course configuration, which when linked will be the longest course in the U.S., according to the track's team. It will also feature a 10-acre autocross pad, a skid pad, and a 1/4-mile dragstrip. The road course is said to be modeled on the Le Mans circuit in France, with elements from the Nurburgring, Watkins Glen, and other tracks as well.
With a $35 million budget and two- to three-year time table for construction once started, the park won't quite be ready for the arrival of the C7 Corvette, expected to arrive in 2013. Once it's up and running--assuming it is actually built--it will likely be the biggest and best playground for Corvette owners around.