As I’m sure most of you have heard, Formula 1 has announced they will be hosting the world-renown Grand Prix from 2012 to 2021. A press release today confirmed that the State will be offering a 10-year incentive of $25 million per year it is hosted here. Majority of effort to bring Formula 1 here goes to the State department after a year of negotiations with Austin just getting involved in the final few months of the deal being signed. I spoke to a member of the Economic Development at GACC that reported the location is expected to build a race track specifically designed for the Grand Prix in the Southeast area of Austin. This will be the first time Grand Prix will be on a newly constructed race course. I’ll put my bet that the tract will be located near the airport around SH 130. The city is in the process of hiring a private company to analyze the economic impact of this historical contract, which will be posted on here the moment I receive it.
http://austin.bizjournals.com/austin/stories/2010/05/24/daily24.html
