The race, sponsored by L&N Federal Credit Union, was scheduled to take off at 7 a.m. from Bowman Field.
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Another race is scheduled for 7 a.m. Saturday at Bowman Field.
This year, the Kentucky Derby Festival is holding two balloon glows instead of one.
The memorial is happening in other parts of the country as well. It also honors frontline workers.
He flew in winds more than 110 miles per hour at approximately 15,000 feet in the air.