The project includes a mural featuring the names of hundreds of pupils as well as a new podium, finish lines and signage, which would also be unveiled at the launch event.
Inspired by a quote from the cyclist reflecting on his experience before childhood races “I dreamt of being like my heroes”, the line is featured in the artwork.
Sir Mark said the raceway was where he “fell in love with cycling” and the was “deeply moved by the thought and detail that has gone into every element” of the mural.
The project has seen children nominate their own heroes, design banners and submit questions for the event, with a select few chosen to interview him about his life and career.
The cycling legend took part in a similar event last summer when he participated in a lap of honour on the first time he returned to the island after breaking the record.
Daphne Caine, Education, Sport and Culture Minister said the cyclist was a “fantastic role model” adding that “young people are truly at the heart of this”.