Is Formula One coming to Austin?

Austin, May 26, 2010: According to the Austin American Statesman, "This (Formula One) will be a game-changer for Austin. ... We expect every hotel from San Antonio to Temple will be full," Austin Mayor Lee Leffingwell said. "This will solidify our standing as an international city. ... Hundreds of millions of people also see the broadcast, and those who don't know about Austin will."

Texas Gov. Rick Perry also was enthusiastic and commended Comptroller Susan Combs for her help in attracting the race.

A state tax-incentive program — known as the Texas Major Events Trust Fund — is intended to reimburse cities for the costs they bear by hosting profitable events, such as a Formula One race or the Super Bowl, which will be held in Arlington in 2011. The host city, county or organizing committee applies for the money. Senate Bill 1515, authored by Watson, specifically added Breeders Cup and F1 races as eligible events.

An F1 Grand Prix is one of the most expensive sporting events to stage, and the racers would not be roaring down Congress Avenue or Sixth Street the way they screech through the streets of Monaco. Newer stops on the circuit have large, and sometimes quite lavish, tracks.

"I can tell you this facility cost about $250 million," Texas Motor Speedway president Eddie Gossage said of his NASCAR track. "(An F1 track) would exceed that."

Texas Motor Speedway opened in 1996 and has a capacity of more than 191,000.

Hellmund said the track would be at least three miles long. Dollahite estimated that it would take 600-1,000 acres for the track and grandstands.

Manor developer Pete Dwyer said he met with Hellmund in the fall of 2008 after Hellmund expressed interest in a 600-acre tract along the Texas 130 toll road near U.S. 290.

Hellmund put together a track layout that Dwyer called a "pretty impressive master plan" and mentioned that he would show it to Ecclestone, Dwyer said.

But the project never materialized after some financial incentives from the state didn't come through, Dwyer said.