MIAMI (CBSMiami) – Hard Rock Stadium and Formula 1 have an agreement to create a new Miami Grand Prix.

They released a promotional video on Tuesday.

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The Miami-Dade County Commission needs to sign off on the deal.

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They say if all goes as planned, the first race would be held at the stadium in May of 2021.

Hard Rock Stadium and F1 estimate this race would have an annual economic impact of $400 million.

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In the plans released Tuesday, the track appears to be contained entirely within stadium property.