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The contract with a group of local investors calls for the race to be held every August for five years. City officials estimate it will draw 100,000 spectators and generate nearly $50 million in annual economic impact.
The city approved using $7.75 million in state and federal grants to make necessary road improvements before the inaugural race.
"This is a world-class racing series," said City Councilman William H. Cole IV, who's been working on the project for years and secured the approval of community groups. "There's a pride factor in being able to host it."
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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