Just in time for the busy season, the Kentucky Derby Museum reopens Sunday after a $5.5 million renovation.

The museum was heavily damaged during the last August's flooding, with more than $4 million in damage.

The launch party will begin at noon on Sunday, with a free public festival in front of the museum located at Gate 1 of historic Churchill Downs.  Music will be provided by Shades of Grass, Brigid Kaelin and the University of Louisville band. The ribbon-cutting will be at 2 p.m. Admission is free with a 2010 Pegasus Pin until 6 p.m.

Photo: Courtesy Kentucky Derby Museum