"Want to see the proposed site for yourself? Click here for a Google Map of the location, which coincidentally enough (or not) is fortuitously close to the Austin-Bergstrom International Airport."
Implications for Austin's economic development? Is Texas the suitable location for a largely non-American auto-racing sport? F1 fans are known to travel well and are relative spenders so this bodes well for Austin's economy. The questions is whether the city will be ready by 2012 when the F1 contract goes into effect.
[Link to Austin F1 track location revealed]