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Austin race promoters set to unveil track site for return of Formula One's US Grand Prix

Race promoters are set to reveal the Austin-area site of the track to be built for the return of Formula One racing to the United States.

Race promoters have scheduled a Tuesday news conference in Austin to talk about the track and the U.S. Grand Prix race that Formula One officials have said will run in Austin for 10 years starting in 2012.

Race promoters must first build a track. They say it would be the first built in the U.S. specifically designed for a Grand Prix event.

The German firm Tilke has been hired to design the venue. Tilke has built racetracks in Abu Dhabi, Bahrain, Shanghai and Istanbul among other cities.

Formula One hasn't raced in the U.S. since 2007 after an eight-year run at Indianapolis Motor Speedway.