I haven't seen anything about this so I thought I would post this here. I found the original post on the iRacing forums, and I have personally emailed everyone within the city of Austin and state of Texas. I live just north of Houston and I cannot wait for F1 to come to Texas. The last thing we need here is another dang Rodeo or Stockshow for crying out loud... lol...
Post:
Hello All,
I live in Austin, Texas and am so happy that Formula1 has agreed to come here starting in 2012 for 10 years! The track is under construction and on schedule, however it just hit a major crisis. The developers are funding 100% of the estimated $300-million track cost as well as $4-million a year for a "Local Organizing Commitee" to do the little items that a city would usually do for free. However they also have to pay a yearly $25-million sanctioning fee to Formula1 just to come. This is a TON of risk and money, but they are willing to do it.
The state of Texas has a "Major Events Fund" that's entire purpose is to use money to attract major sporting events to come to the state of Texas. The purpose being that it brings a huge return via major economic influx to the Texas economy. It's basic good business economics. The state Major Events Fund and the state comptroller signed deals with the organizers to give them $25-million a year to help with the sanctioning fee. All the studies have shown that the event will bring in @ $400-million a year to the economy. So it's a great ratio, spend 25 and get 400. Everyone wins, business grows, Texas makes money.
Only catch is the City of Austin needs to just officially sanction the race. All they have to do is vote "YES we want it". Four of the voting city council members have been saying things like "We should not be funding a race track when teachers are getting laid off". These are completely separate issues. If the Event Fund money is not spent here on F1, it'll be 100% spent somewhere else in Texas on a Rodeo or something that will not generate as large a return. By not having the F1 race, 1000+ jobs will be lost and we will lose all the economic impact. We would lose twice if F1 doesn't come. The State Legislature delegated and approved the money to be spent on attracting a major sporting event to make money for the state of Texas. This is what it is for. It could be seen as a short-term loan and the the state gets it all back again with a 10x+ income. Not having it will put the whole race at risk. It may cause the plug to be pulled.
So the clueless uneducated ignorant city council is trying to make a political statement by blocking the "Major Event Fund" money. The city is not paying anything and is not shouldering any risk. It has nothing to do with the city. It is State money and the track is outside the Austin city limits. It is just a formality that triggers the money. All they have to do is a formal "yes we want it" in Austin. The majority of Austin citizens are for the race coming based upon polls, the percentage of speakers at the last city council meeting, and most of the local news station opinions.
***********The official and last vote is on Wednesday 6/29/11. PLEASE HELP. PLEASE SEND A SHORT EMAIL TO THE CITY COUNCIL MEMBERS IN SUPPORT OF IT BEFORE 6/29. The majority of Texas wants it, it's a shame to have 4 people try to ruin it for small town politics.
Their emails are at this website and also listed below. Please say something like "If Austin has F1 and other major race events at the Circuit of Americas in Austin, I will come to some of the events and spend money. I live in xxxx. Please support building the track and vote "YES".
http://austinf1facts.com/
http://circuitoftheamericas.com/
Lee.Leffingwell@ci.austin.tx.us
Mike.Martinez@ci.austin.tx.us
Bill.Spelman@ci.austin.tx.us
Chris.Riley@ci.austin.tx.us
Sheryl.Cole@ci.austin.tx.us
Randi.Shade@ci.austin.tx.us
Laura.Morrison@ci.austin.tx.us
THANK YOU!!!!!!!
Robert DeGroff
Post:
Hello All,
I live in Austin, Texas and am so happy that Formula1 has agreed to come here starting in 2012 for 10 years! The track is under construction and on schedule, however it just hit a major crisis. The developers are funding 100% of the estimated $300-million track cost as well as $4-million a year for a "Local Organizing Commitee" to do the little items that a city would usually do for free. However they also have to pay a yearly $25-million sanctioning fee to Formula1 just to come. This is a TON of risk and money, but they are willing to do it.
The state of Texas has a "Major Events Fund" that's entire purpose is to use money to attract major sporting events to come to the state of Texas. The purpose being that it brings a huge return via major economic influx to the Texas economy. It's basic good business economics. The state Major Events Fund and the state comptroller signed deals with the organizers to give them $25-million a year to help with the sanctioning fee. All the studies have shown that the event will bring in @ $400-million a year to the economy. So it's a great ratio, spend 25 and get 400. Everyone wins, business grows, Texas makes money.
Only catch is the City of Austin needs to just officially sanction the race. All they have to do is vote "YES we want it". Four of the voting city council members have been saying things like "We should not be funding a race track when teachers are getting laid off". These are completely separate issues. If the Event Fund money is not spent here on F1, it'll be 100% spent somewhere else in Texas on a Rodeo or something that will not generate as large a return. By not having the F1 race, 1000+ jobs will be lost and we will lose all the economic impact. We would lose twice if F1 doesn't come. The State Legislature delegated and approved the money to be spent on attracting a major sporting event to make money for the state of Texas. This is what it is for. It could be seen as a short-term loan and the the state gets it all back again with a 10x+ income. Not having it will put the whole race at risk. It may cause the plug to be pulled.
So the clueless uneducated ignorant city council is trying to make a political statement by blocking the "Major Event Fund" money. The city is not paying anything and is not shouldering any risk. It has nothing to do with the city. It is State money and the track is outside the Austin city limits. It is just a formality that triggers the money. All they have to do is a formal "yes we want it" in Austin. The majority of Austin citizens are for the race coming based upon polls, the percentage of speakers at the last city council meeting, and most of the local news station opinions.
***********The official and last vote is on Wednesday 6/29/11. PLEASE HELP. PLEASE SEND A SHORT EMAIL TO THE CITY COUNCIL MEMBERS IN SUPPORT OF IT BEFORE 6/29. The majority of Texas wants it, it's a shame to have 4 people try to ruin it for small town politics.
Their emails are at this website and also listed below. Please say something like "If Austin has F1 and other major race events at the Circuit of Americas in Austin, I will come to some of the events and spend money. I live in xxxx. Please support building the track and vote "YES".
http://austinf1facts.com/
http://circuitoftheamericas.com/
Lee.Leffingwell@ci.austin.tx.us
Mike.Martinez@ci.austin.tx.us
Bill.Spelman@ci.austin.tx.us
Chris.Riley@ci.austin.tx.us
Sheryl.Cole@ci.austin.tx.us
Randi.Shade@ci.austin.tx.us
Laura.Morrison@ci.austin.tx.us
THANK YOU!!!!!!!
Robert DeGroff
