After years of hard work to bring Formula One to Austin and months spent developing the plan for the track and its facilities, the project received final approval in January. As expected, the final plan will involve far more than just a 3.4 mile track. In addition to the numerous attractions that will be included within the $250 million facility, project developers will also be building a private substation for Austin Energy as part of the plan.
With all of the county and city permits properly in place, construction can no w begin on the project. Already, soil testing has reportedly been started and the equipment is in place to get the project started. With a required completion date of mid-2012, there is no time to spare in getting the projected completed. According to Richard Suttle, who is a representative for the project, engineers have stated that ground needs to be broken by no later than December of this year in order to meet the 2012 deadline. While plans for the actual track construction and for vertical construction have not been filed, the developers plan to submit the plans within the next month.
According to the Austin Business Journal, Austin Energy’s 30 megawatt electrical substation will cost an estimated $3 million to complete. The developers are already planning to pay $1.8 million, while the remaining $735,000 will be paid by Austin Energy as well as by bonds. If all goes as planned, the substation will be energized by March of next year and will provide services to the Formula One facilities. According to a spokesman, it should not be necessary to go to the Austin City Council or to the Electric Utility Commission to obtain additional funding.
The developers involved in the project will be reimbursed for the costs if it does not use more than a certain amount of energy per year, though that amount has not been disclosed. Furthermore, the time it takes Austin Energy to profit from the deal will depend on the number of events held at the facility each year.