Port Imperial (New Jersey): The United States will host two Grand Prix' from 2013 as the state of New Jersey will put on the Grand Prix of America, New Jersey governor Chris Christie announced. (Agencies)
The Memorandum of Understanding signed on Tuesday guarantees the celebration of the Grand Prix of America at Port Imperial for 10 years.
"I'm pleased that New Jersey will play host to Formula One beginning 2013, bringing one of the world's most popular and exciting sports right to our backyard," Christie said in a statement.
"The race will be a 3.2 mile road race, run on existing roads through Port Imperial and at the top of the Palisades in Weehawken and West New York.
"Up to 100,000 people are expected to attend each race, starting with practice Friday, qualifying on Saturday, and racing on Sunday", it added.
Christie, who recently announced he would not be seeking the nomination to be the Republican candidate in next year's Presidential election, said that the race would open up his state to the world.
"People from the whole world will come to New Jersey to see this unique and exciting course," Christie said.
Authorities said the race will not receive any subsidies from either local or state government, and Christie said he had no concerns that the course laid on existing streets would pose any safety hazard.
"I have no concerns," Christie said.
The mayors of Weehawken and West New York municipalities, Richard Turner and Felix Roque, said the new race "will bring significant economic impact to our towns and local business, totalling several hundred million dollars to the region."
Formula One's last appearance on US soil was in 2007.
The elite racing series' return to America is planned for next November in Austin, Texas, where the new Circuit of the Americas is being built for the purpose.
The Texas race, announced in 2010, has faced criticism from state lawmakers opposed to using public funds to develop the project.
The Indianapolis Motor Speedway, home of the famed Indianapolis 500, hosted a US Grand Prix from 2000-2007, an eight-year run that had it's problems.
In 2005, 14 of the 20 drivers withdrew just prior to the start of the race to protest concerns about tyre safety.
Prior to arriving at Indianapolis, Formula One had run in the US in Long Beach, California, Las Vegas, Detroit, Dallas and Phoenix on a variety of street circuits.
F1 and the circuit went their separate ways when they couldn't come to financial terms and other agreements to extend their contract.
Port Imperial (New Jersey): The United States will host two Grand Prix' from 2013 as the state of New Jersey will put on the Grand Prix of America, New Jersey governor Chris Christie announced.