at Infineon and Watkins Glen. I would rather watch paint dry than watching Nascars going round a oval track.
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Read moreOn of my richer friends is going to buy and RV, camp and then sell the RV after the race weekend..
Can't you rent 'em?!?!
He said richer not wiser.
I read this summary of the issue from an ABC affiliate.Austin City Council members are getting an idea of how much it will cost the city to bring Formula 1 to Central Texas.
Council asked for a report on the economic impact. They want to know how much money the city could earn in tax revenue from visitors and what expenses will fall upon the city.
Race organizers are asking Austin to pay into the trust fund needed to bring the race to Central Texas. Already the State of Texas has agreed to pay out $25 million a year for the races. Austin is being asked to pay in as well.
Organizers say it's unclear how much money the city will contribute. It is dependent upon the new tax revenues that the race brings into Austin.
As an incentive, racing organizers have offered to pay the $4 million seed money for the first year of the race; that means Austin would not pay in to the trust fund until after the first Formula 1 race comes to the Circuit of the Americas track.
"There is no absolute amount known for the out-years. What is for sure, is that it is new money, created by the event that otherwise would not come to Austin," said Jeff Hagn, representing race organizers, "Until estimate com in after the 2012 race, the next deposit to engage the trust fund is an unknown number."
Organizers have said the city should earn all of that money back through new tax revenue comes directly from race week. However, city leaders are still wary. Among their concerns are how much extra it will cost to police the city during race week.
“The kinds of questions that the police department would need to know is: How big is the venue? How many people actually come to a specific event? That helps us plan in terms of how many officers we need to be prepared for or what kind of traffic issues,” said Assistant Chief David Carter of the Austin Police Department.
Organizers say Grand Prix race weekends can attract was many as 300,000 people -- most of them are visitors.
City leaders will go into executive session after getting an update on the expected economic impact.
Racing officials have projected a $400 million to $500 million economic impact each year. They say if a race fails to meet financial expectations, then the city would not be asked to pay any money to the state. They are hoping to have an answer from council by June 23.
I love what's going on here. One of the richest men in Britain holds a race in the USA, the richest country in the world, and they make the government fork out with cash before the cars arrive and makes everyone richer!