CHARLOTTE, N.C. -- City leaders worked with the federal government to transfer a parcel of land to the city, ideally sold to help the city pay for the construction of the NASCAR Hall of Fame.

Charlotte Mayor Pat McCrory has been working on the deal all day - and there is a sense of urgency.

"We need to have our proposal ready by May 31 and we want as much in our financial plan as possible and ready for the proposal," said McCrory.

City officials want to build the hall in the area between Brevard and Caldwell streets.

The federal land that the city wants is right along Interstate 277.

The plan is to reconfigure the interchange and make it easier for people to get to the NASCAR Hall of Fame. The city-owned land freed up by the new interchange would then be sold and developed.

The effort to lure the hall to Charlotte is intense. Not only do locals like Janet Heintz have a favorite spot for the hall of fame, some out-of-towners also like the Charlotte location.

"I think we need it here. I think it belongs here," said Heintz.

"This is where racing started. Charlotte does it up right. The whole thing down here is such a great time," said Bostonian race fan Bruce Reynolds.

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VIDEO: Federal Government To Tranfer Land For Hall Of Fame To Charlotte

The huge crowds at the Speed Street festival are a good example of how enthusiastic people in the region are about racing.

Race fan Ed Veals thinks Charlotte is the only logical place for the hall.

"This is going to be a destination. All the shops (are) here. All the fans will come. This will be a family vacation place. The hall will be another stop of things they can do while they are here," said Veals.

City leaders hoping to bring the hall of fame to Charlotte say it should be here because more than 90 percent of NASCAR teams are located within 60 miles of Charlotte.

The motor sports industry has a statewide economic impact of more than $5 billion and racing accounts for more than 18,000 jobs.