ESPN F1 also says that a site has been selected for the course and that land has already been set aside. Even so, the location won't be made public for some time. That's all fine and good, but if the track is going to be completed by the supposed 2012 finish date, workers are going to need to start moving earth in a hurry. By everyone's best estimate, it will take at least three years to get everything in order for the race. At this point, organizers have less than half of that time.
There is some speculation that Austin's selection as the location of the U.S. Grand Prix is simply intended to scare Monticello Motor Club in New York into sweetening the deal for F1. Originally, the MMC was the frontrunner to host the race, and the facility is already set up to handle that level of motorsport. Right now, Monticello's organizers are waiting to see if Austin can pull everything together in time.
[Source: ESPN F1 | Image: JJWright85 via CC 2.0]