Residents of the City of Indianapolis enjoy life in the fast lane. It is the capital of the state of Indiana, and home to the Indianapolis Motor Speedway (site of the Indianapolis 500-mile race), Indiana University, and the Indianapolis Colts. With a population of about 800,000, the city is the largest in the state. Its nickname, "The Crossroads of America," reflects both its central location in the state and its service as a transportation hub connecting major cities in all directions. The mayor and 29 city council members (elected for four-year terms) govern Indianapolis. Founded in 1821, the City of Indianapolis operates through 25 districts and has a budget of more than $1 billion.