Formula One World Championship Limited and Formula One Administration Limited (together, the F1 Commercial Rights Holder) and Full Throttle Productions, LP, promoter of the Formula 1 United States Grand Prix™, announce that a historic agreement has been reached for Austin, Texas to serve as the host city of the Formula 1 United States Grand Prix™ for years 2012 through 2021.

“We are extremely honoured and proud to reach an agreement with the F1 Commercial Rights Holder. We have been diligently working together for several years to bring this great event to Austin, the State of Texas and back to the United States. All parties involved have a great amount of trust and confidence in each other and are committed to establishing the Formula 1 United States Grand Prix™ in Austin, Texas as a prestigious global event,” stated Tavo Hellmund, Managing Partner of Full Throttle Productions, LP.

What is more interesting is that Bernie Ecclestone is also announcing that there will be a “world-class facility purpose-built” to host the event. With all the futuristic Hermann Tilke monolithic tracks cropping up around the world — in Bahrain, China, Malaysia, etc. — this must mean something special.

In a statement, Ecclestone is quoted as saying: “It was 30 years ago that the Formula 1 United States Grand Prix was last held on a purpose-built permanent road course circuit in Watkins Glen, N.Y. (1961-1980), which enjoyed great success. Since then, Formula One has been hosted by Long Beach, Las Vegas, Detroit, Dallas and Phoenix all on temporary street circuits. Indianapolis joined the ranks of host cities in 2000 when they added a road course inside the famed oval.

“Lewis Hamilton won the last Formula 1 United States Grand Prix in 2007, signalling the end to eight years at Indianapolis Motor Speedway. This however, will be the first time a facility is constructed from the ground up specifically for Formula One in the U.S.”

New US GP promoter Tavo Hellmund says that he does not yet have a site on which to construct the circuit, but he is looking at three possible locations in Austin.

Hellmund also says no land has been purchased, and a cynic might assume that the price for possible locations may have gone up in the last 24 hours, unless he is further down the road than he is letting on.

With the inaugural race likely to take place in a little over 24 months’ time in June 2012, as part of a double header with Canada, it would seem that time is of the essence.

Veteran Formula One circuit designer Herrman Tilke will be responsible for the Austin F1 track, promoter Tavo Hellmund said on Wednesday night.

Hellmund also said the project is much further along than has been assumed.

“This has been long in the works,” he told AutoWeek. “Everything is in place.”

Although the former racer told local media on Tuesday that three possible venues were still under consideration, that suggestion apparently was a smokescreen.

While several alternatives were under consideration, Hellmund said one site was settled on some time ago and the land--more than 800 acres--has been purchased. Additionally, initial permissions for amenities such as water and waste, which are usually time-consuming affairs, have been granted.

Although Hellmund has yet to divulge details, he said that the site is to the east of Austin, a few miles from the airport, apparently in hilly countryside that has provided Tilke with a good starting point for a design.

The German architect is charged with creating a fast circuit with challenging corners that resemble those of classic, established tracks such as Silverstone and Spa-Francorchamps.

Tilke first sent a representative of his company to Austin about two years ago and allegedly has made many personal visits since. He is looking for office space in the city from which to base the project.

Hellmund was adamant that Austin is an ideal location.

“Other than New York or L.A., which already have 10 million people, where are you going to find a place that within a 150-mile radius you have three of the top-10 largest markets in the United States? That is the wonderful thing. Our position between Canada and the United States, North, South and Central America, is unbelievable.

“You take that into account, you take into account the draw that Austin is--it's the state capital, it's in the hill country, it's got a huge, huge vibe and tag of being the coolest place.”

As reported previously, the race is set to benefit from the Texas Major Events Trust Fund, which is intended to reimburse cities for costs they face when hosting big sporting events.

However, that relates only to specific events and does not have an impact on the cost of building the facility, budgeted at $200 million. The track project is financed by unknown private investors, Hellmund said.

One of the key elements that helped generate funding is that, aside from F1, the circuit will be used to help develop alternative fuels.

Hellmund said he has known F1 boss Bernie Ecclestone since he was a teenager. His father was involved in promoting Indy-car and Trans-Am races in Mexico City and also helped to bring F1 back to the country in 1988. Hellmund's father also was involved in the 1986 World Cup of soccer and in organizing music events.