The project will create 300 to 350 jobs with an average wage of $100,000 to $125,000 per year, city documents state.

A Formula 1 racing team wants to expand its operations to the center of NASCAR country in Concord, spend up to $85 million and create up to 350 jobs. Not to be outdone, a NASCAR team also is plotting an expansion for a new manufacturing building in a project costing up to $70 million.

Concord could become a big driver in the Formula 1 racing world. A new F1 racing team, owned by General Motors, is hoping to build an engine manufacturing facility near the Charlotte Motor Speedway. F1 Cadillac race cars could soon be built in Concord.

The Charlotte area could soon be home to a Formula 1 team, expanding the area's motorsports presence. A public hearing will be held on Thursday during Concord's city council meeting to discuss a proposed grant for Motorsport IP Acquisition Co.