One of the most elite sporting events is coming to Austin. Formula One racing announced Austin will host the U.S. Grand Prix From 2012 until 2021. Under the long term deal, Austin will become home to the first dedicated Formula One track in the United States.
In just two years, some of the fastest race cars in the world will be competing in Austin.
“I think its super exciting,” said Shelli Wood. “It’s always a good thing when you bring a new element like that a new energy. I think people will love it.”
“We beat out several prominent cities like New York and Las Vegas,” said Austin Mayor Lee Leffingwell.
When the race cars arrive, they will be on a world class track built specifically for Formula One racing -- the first time such a facility is being built from the ground up.
“They are going to construct a venue for this purpose and it will not involve any public money,” said Leffingwell. “That is strictly a private venture.”
The exact location and total cost is not being disclosed.
“I can't say right now,” said Leffingwell. “There are still a few outlying parcels of real estate under negotiations and as always with real estate deals you don’t want to talk about them and give too much detail because that tends to influence the price of the real estate.”
But KVUE News has learned the track and grandstand would be built within 10 miles of Austin-Bergstrom International Airport and that the track will be at least 3 miles long.
“It will not be in a place where neighborhoods will be an issue,” said Leffingwell.
“They always say it won't impact a neighborhood," said Austin resident Rene Corbett. “It always does some way or another trying to get in and out traffic wise. We'll see.”
During the 2009 legislative session, Senator Kirk Watson authored and passed Senate Bill 1515, which makes it easier to use state money for Formula One racing. The state offered a $25 million per year government incentive to bring Formula One to Austin.
The sports production company Full Throttle Productions is working with the City and F-1 Racing to make it all happen.
“There will be some expense to the state and to the city,” Leffingwell said. “We haven't defined that yet, but the return of investment is going to be huge.”
The event is expected to be three times bigger than South by Southwest, bringing an estimated $300 million to the City of Austin as well as worldwide exposure.
“If there is any question of Austin being on the international map, this will resolve that issue,” said Leffingwell.
Leffingwell says a several minute promotional video of Austin will air during the televised race. It will be seen by hundreds of millions of people around the world. The first race will be June 2012.
