My comment regarding Merced was based upon its ability to draw from the largest population base, which would be S.F. - a 2.5 hour drive depending upon traffic. Fresno does have a decent populous of 800,000 (in the entire county) that would contribute to that number however.
As far as selecting a better site up there... its a good enough spot I suppose, adjacent to the Castle AFB, but inside the triangle of the 5, 205 and the 580 would have been better. Though I'd guess that the SF cost may be higher.
My concern also extends to the profitability of such a venture: With Laguna Seca, Infineon Raceway, Thunderhill and to some extent, P.I.R., it would be a tough sell to get major race dates in that area.
Let's look at the costs for a moment.
I found a comp. in the area at $0.23 per SF. Using that figure, the land acquisition alone is 12 million ($10,000 per acre x 1,200 acres).
Approximate development costs would be:
Pre-development/engineering costs at 1.2 million, Permits and Fees, 1.6 million, Interest Expense, 2.3 million. Then there is Grading and site preparation at 2 million (conservatively) Structure development at 6 million and track development around 5 million. Bond Debt is estimated to be 5 -6 million. (These figures were derived from previous data collected in a similar venture and approximated.)
That's roughly a total development cost of 28.5 million. Debt service for that figure is approximately, $177,000 a month / 2.1 million annually. (PLUS, all the Operational Expenses associated with such a venture.)
This is undoubtedly, a difficult IRR to obtain without those significant race dates. I.e. With TV coverage and a decent gate.
Getting back to the competition in that area, there are 3 major road-race facilities with secured dates already. Though I'm sure they'll be using best efforts to get at least one and preferably more.
All I'm saying is, that a venture of this scale is an uphill battle without a major management concern coming on board at some point.
Still, I wish them the best in their venture, we can always use another place to run.

Though I know of 800 acres in Riverside County that's still available... And, it's almost a stones throw from the original circuit.
BTW, still hacking away at the monument deal... unfortunately it's slow going due to time constraints and the current economy. But they keep pushing back the grand opening for the community center, so we'll keep at it...