Viewing entries tagged
Motor Sport Racing

25 Million for F1 in Austin

Some conflicting news surfacing about how the new track will be funded.  KXAN claims (in the article just before) that no government money will be used, but Austin Business Journal has just released the following article outlining a $25MM per year agreement with the State of Texas.

Austin Business Journal - 25 Million for F1

We will continue to follow this and add more information as the story unfolds; as of this point, we can't be certain that KXAN was correct, given the ABJ article.  However, it's possible the City of Austin will not foot any of the bill and instead will rely on state funding, perhaps from Rick Perry's Enterprise Fund or from Kirk Watson's bill which created the Sporting Event Trust Fund, Motor Sports Racing Trust Fund and Other Events Trust Fund.

Money, Money, Money! 

KO

This Isn't Our First Rodeo

Some questions are floating around about just how Austin is going to handle this huge event.   (see this article at Speed TV and Autoweek).

Keep in mind, Austin is used to absorbing well over 100,000 people every other weekend during the fall months for UT Football.  The Darrell K. Royal Memorial Stadium has a capacity of 100,119 (and routinely sells out) and is home to the nation's largest high-definition video display.  Throughout the year, hundreds of thousands more flock to the state capitol: to experience the world's largest music, film and interactive festival, SXSW, which stretches over 10 days in March; to indulge in the biker lifestyle with over 40,000 bikers and over 200,000 motorcycle enthusiasts at the Republic of Texas Biker Rally in June; to see history being made while listening to the best musicians in the idyllic Zilker Park during the three-day outdoor Austin City Limits Music Festival in the fall, we can handle the increased visitors.

The new track is a different story, but that's not really as big of a deal as you think.  Sure, it may cost $300MM but we've got major corporations in Texas, including Dell just up the road in Round Rock, probably excited about the international exposure and advertising potential this magnificent race has to offer. 

In addition, our city council has lots of experience dealing with mega-million dollar projects like the new Samsung and AMD Headquarters, as well as many other big name operations.  These kinds of projects require major investment but also tax incentives to attract other businesses with the intention to bring in residents and tourism to grow the economy.  The city council has handled these projects with careful discretion to maintain local support while attracting the investment in the area.

Keep you pants on, this isn't our first Rodeo!

KO