So, the Austin City Council awarded funding last week to supply water lines for the new Formula One track site.  Back in April, the sewer lines were approved.  However, all of this was approved on a new residential development of over 1,800 homes, to be called Wandering Creek, not for F1.

Even though, back in May, F1 officials announced that Austin was going to be the new site for the racetrack.  ESPN got it wrong when they reported that the new hot spot was to be in northeast Austin.  But now, it looks like it will be here, in Wandering Creek.  Though nothing is “official,” Austin is making strides to continue coaxing F1 to join the city in all its weirdness.  How about $25 million per year to compensate race cost!

New York was thought to be getting the new track; they’re pretty pissed.  But the ramifications of F1 moving its events and track here is not thoroughly understood.  Here is a number for you:  SXSW brings in about $100 million per year.  They say F1 will bring $4-500 million a year!  SXSW is vital to our city b/c of the revenue it brings in.  This is huge.  The contract will span from 2012- 2021.

Austin, let the races begin!