Approval for Silverstone upgrade
The Northamptonshire circuit's facilities are due to be upgraded as part of plans to keep the British Grand Prix on the F1 race calendar.
F1 boss Bernie Ecclestone said it is the sport's worst circuit, jeopardizing the future of the British GP.
But South Northamptonshire Council's Cabinet committee has adopted the Joint Silverstone Circuit Development Brief.
Aylesbury Vale District Council previously endorsed the same blueprint.
The development brief, which has been prepared by independent consultants on behalf of South Northamptonshire Council and Aylesbury Vale, sets out plans for sustainable development of the circuit.
'Illustrious history'
Proposals include a new pit and paddock complex for the circuit along with a manufacturer test centre, business park, two hotels, a university campus and new homes near the circuit.
Spencer Canning, development director at Silverstone, said: "The adoption of the development brief means that for the first time in its long and illustrious history, Silverstone is now being considered as a whole, with an eye towards what it can deliver to the UK as well as meeting the needs of the Grand Prix."
A planning application for the new pit and paddock facility is now being finalized with a submission expected to be made in the spring.
Silverstone's contract to stage the British GP expires in 2009, but a £25m redevelopment has been approved by the British Racing Drivers' Club, who own the Northamptonshire circuit. BBC Sports