Stanford may already be overflowing with bicycles, but more cyclists are on their way. Representatives from the University and the city of Palo Alto announced last month that they will co-host the “prologue” of the 2008 Amgen Tour of California bicycle race, one of the premier cycling events in North America.

The statewide race — a 700-mile road course that winds through twelve host cities — is scheduled to kick off at Palo Alto City Hall on Feb. 17. Competitors in the local event will complete a 2.5-mile time trial that stretches down University Avenue to Palm Drive, circles the Oval and wraps up at Campus Drive and Galvez Mall. The participants’ finishing times will establish their starting positions in the opening stage of the race.

The event — pegged by some as the top road race in the U.S. — drew a record-setting 1.6 million live spectators this year. So far, the Tour has generated over $200 million for the state in revenue. By event organizers AEG estimates, the 2008 Tour will attract well over a hundred Olympic caliber athletes from around the world and more than 18 professional cycling teams. This year’s winner, California native Levi Leipheimer, went on to place third overall in the Tour de France.

Palo Alto Mayor Yoriko Kishimoto MBA ‘79 said she is thrilled that the event will be held locally. The plan was proposed by Palo Alto resident Jim Ochowicz, president of the board of directors of USA Cycling, and Kishimoto said she “jumped at the chance.”

“Cycling is such a perfect symbol for both Palo Alto and Stanford culture because it symbolizes both our green economy and our commitment to healthy living,” she said, calling it a “great opportunity” both to forge a common partnership with Stanford and to promote alternative means of transportation.

The local event will cost nearly $195,000 to cover public works services and security. That financial burden, shared equally by Stanford, Palo Alto and AEG, will be shouldered largely through fundraising efforts aimed at local businesses. A local organizing committee, manned by Classics Prof. and cyclist J.G. Manning, has already begun such efforts.

While organizing costs are steep, local businesses can expect a high rate of return on their investment, if past host cities are any indication. Organizers estimate that the event will attract some 50,000 spectators and will get two-hours of national television coverage. They expect the airtime and influx of tourists to be an economic windfall both for the city and the University.

The revenue from the race will benefit charitable causes as well. The race’s head sponsor, biomedical giant Amgen, has thus far raised over $1 million for cancer support and awareness programs and plans to continue its efforts through the upcoming year.