Quite a few people have been waiting for this announcement for months and, for many, it is a relief to finally know where the new Formula 1 track is going to be, and what it will mean for their community.
A packed house at the AT&T Conference Center in downtown watched Austin history being made as the Formula 1 Grand Prix project picked up speed.
Partners Tavo Hellmund and Red McCombs announced exactly where the new racing facility will be built. The primary entrance will be off 812, simply because it is a major thoroughfare there. That is in the tiny town of Elroy, and also in the Del Valle school district which has school officials adding up the benefits.
"The possibility of jobs coming to the area, the possibility of job training partnerships as well, tremendous opportunity," said Richard Vasquez, Del Valle ISD School Board President. "The tax implications it could have for us once the facility builds out, hopefully will attract some other development as well."
The state estimates the Formula 1 facility will bring in at least 700 new full time jobs and about 1,600 more in construction.
"Our estimates don't even contemplate the actual value of the facility," said State Comptroller, Susan Combs. "All we looked at which the statute makes us is the four day event. So our numbers for 300 million economic impact a year doesn't even talk about everything else."
The Formula 1 race facility is set on 900 acres of land and the plan is to have it open in 2012. It has a 10-year contract.