Formula 1 investors to pay city’s share for 10 years

Formula 1 investors told Council members today they would pick up the $4 million in estimated city costs for each of the 10 years the Grand Prix race is projected to be in Austin. The promoters had already agreed to fund the first year of city matching funds in order to access the state’s offer of $25 million per year for major events.

 

However, in response to concerns voiced by several Council Members—Sheryl Cole and Bill Spelman in particular—the promoters have agreed to pick up the tab for years 2-10 also, according to Cole, Spelman and Mayor Lee Leffingwell.

 

Spelman stressed that city officials were still working with race promoters to put the details of that part of the proposal—as well as many others—in writing. The Council is scheduled to vote on a resolution sponsoring the race next Thursday.