Plans for the 2012 American Grand Prix to be held at a new racetrack in Austin, are coming to fruition, with the track under construction and a date of June 17, 2012 circled on the F1 calendar.

The 3.4 mile "Circuit Of The Americas," while somewhat pretentiously named, would be the first American course specifically designed for Formula One. They're making quick progress and the funding is in place after a crucial City Council vote yesterday.

The American Grand Prix race has a history dating back to rich Long Island automobile enthusiasts getting together for a grand old time, but it's been held off-and-on at nine different courses over the last century, most recently at Indianapolis in 2007.

The track will feature a steep hairpin in turn 1, already being hailed as the signature element. And, like only three other F1 tracks, it will be run counterclockwise. America!