The Formula One Group announced Tuesday the city would serve as the Grand Prix host for 2012-2021. Formula One has had races in American cities such as Long Beach, Indianapolis and New York. Austin is attractive to the folks at Formula One, because of its geographical location and reputation as a destination location. Moreover, Austin has proved itself well as a host city, with events such as South by Southwest, Austin City Limits Festival, and the Republic of Texas Motorcycle Rally.
What does this mean for the city? There are mixed reactions from cities that have hosted in the past. Large crowds and full hotels are sure to be a result. But Formula One is an expensive event to produce. If Formula 1 foots the bill to build the track, rather than the taxpayers, the risk will be very limited. And then the city is looking at the usual downsides, mostly bad traffic for several days. But Austinites experience that several times a year, with the aforementioned events.
http://www.kxan.com/dpp/sports/auto_racing/austin-to-host-formula-1-grand-prix
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