By Samantha Smith

Formula One (F1) will make its way back to Circuit of the Americas Oct. 21-23 after speculation rose that the U.S. Grand Prix may not return this season. 

For Buda Mayor Todd Ruge, the news was welcome as the city sees an increase in tourism dollars during the three-day event. 

“We are very excited to hear that F1 is returning to COTA,” Ruge said. 

According to a report by KXAN on March 8, an anonymous government employee leaked the news F1 was returning to Austin to COTA track officials. 

COTA officially confirmed the return of the F1 races on March 9 via its website while also announcing that Taylor Swift is scheduled to be the headline act. 

The return of the race to COTA was uncertain due to financial concerns for the track. 

That included the transfer of control of the Major Events Trust Fund, where the race gets most of its funding, to Gov. Greg Abbott’s office last year. The state cut $6 million from the Trust Fund budget due to the low attendance in 2015, which was a result of inclement weather. 

The announcement came as a huge relief to Formula 1, as well as local government and businesses profiting from the large crowds that are drawn to events of this caliber. 

The official return of the races marks a huge accomplishment to the motor series since they did not race in America between 2008-2011. 

Ruge said that while it is still too early to gauge Buda citizen reactions to the return of the races, the announcement ultimately means more tourism to the city. 

“The return of F1 means a boost in tourism and every year the races have come to COTA, every hotel room in Buda is booked,” Ruge said.