US GP in Austin Discussion and Speculation...

Jagbuff · May 4, 2011

tifosi12 said: ↑

I....And household names are places where tourists flock to.
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...hate tourists, too many californians have already ruined the place, maybe the F1 is not such a good thing

nsxrebel · May 4, 2011

iamthesimpleone said: ↑

Austin may not be known on the world stage, but I would guess Texas is probably the most known state outside of America.
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I'd say that would most likely be California.

tifosi12 · May 4, 2011

nsxrebel said: ↑

I'd say that would most likely be California.
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Calif or Florida. That's where the Disneylands are.

Seriously.

Simon^2 · May 4, 2011

NY would be in the running too.

tifosi12 · May 4, 2011

Simon^2 said: ↑

NY would be in the running too.
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NY is definitely world known, but I doubt many foreigners actually know its state (since the comment was made about best known state). And lets not even touch Washington D.C. It took me years to understand what D.C. means and I'm still not sure I really understand it (given the strange laws that apply to it).

Simon^2 · May 4, 2011

So what's the least known state?

New Hampshire?

iamthesimpleone · May 4, 2011

tifosi12 said: ↑

NY is definitely world known, but I doubt many foreigners actually know its state (since the comment was made about best known state). And lets not even touch Washington D.C. It took me years to understand what D.C. means and I'm still not sure I really understand it (given the strange laws that apply to it).
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Don't feel bad, people in D.C. don't even know what it means......

That being said, NYC is definitely the most famous place.

The image of a horse riding, gun totting, cowboy is a very iconic stereotype, and probably known the world over.......

This just in: Senate passed a budget. Going to have to work out 'differences with the house version' hope that includes the F1 stuff....

VIZSLA · May 4, 2011

Simon^2 said: ↑

So what's the least known state?

New Hampshire?
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Delaware.

Simon^2 · May 4, 2011

VIZSLA said: ↑

Delaware.
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I meant US state.

Simon^2 · May 4, 2011

Simon^2 said: ↑

I meant US state.
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VIZSLA · May 4, 2011

Simon^2 said: ↑

I meant US state.
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Is that you Mr. Vice President?

nsxrebel · May 4, 2011

iamthesimpleone said: ↑

That being said, NYC is definitely the most famous place.
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I'd say Hollywood/LA is up there, dare I say more famous than NYC..

tatcat · May 4, 2011

Simon^2 said: ↑

I meant US state.
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delaware is the first state.

Simon^2 · May 4, 2011

tatcat said: ↑

delaware is the first state.
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Guess you missed my next post...

texasmr2 · May 4, 2011

tatcat said: ↑

delaware is the first state.
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I thought it was Texas?!?!!?

iamthesimpleone · May 5, 2011

http://www.austinpost.org/content/comptroller-certified-formula-1-payment-schedule-without-city-application

When the announcement of incentives for Formula 1 was made, opposition rose from across the political spectrum. The public was told not to worry, that no money was committed to Formula 1. We have an agreement in principle, but we have no formal agreement, said Robert Woods of the Comptrollers office. Senator Kirk Watson, author of the bill that allowed Formula 1 to receive incentives, posted his clarification of how the Major Events Trust Fund works:

The Comptrollers office cannot project the amount of those incentives without a request from a local government or authorized non-profit, and that request cannot be made more than one year before the first event.

In other words, even if all parties intend to enter into a long-term contract, the terms of that contract and, specifically, the amount of incentives that the event is eligible for cannot be set more than a year before the first time the event is held.

When asked about a $25 million dollar a year estimate, the Comptrollers office said it was a preliminary number." Upon viewing a letter from the Comptrollers office to Formula 1 certifying payment by July 31, 2011, the amount of incentives appears to have been set. The letter states With the understanding that the first Formula 1 United States Grand Prix race will be held in Texas in 2012, full funding of the entire sanction for 2012 will be paid to Formula One World Championship Limited no later than July 31, 2011. The letter goes on to say we will be sending $25 million dollars to FOWC by the end of July 31 of each year preceding the actual race event.

With no date set for an actual event, the question is why is there a Texas Direct Expenditure Estimate of a Formula 1 Race and a letter certifying payment of the estimate? The estimate is $29 million in taxes. The law requires $6.25 from the State for every $1 the City contributes. That breaks down to $4 million from the city, and $25 million from Texas. It seems that the preliminary estimate has become the official estimate.

The entire process of granting incentives is based on the date of the event, according to SB 1515. Texas will not know the date of the race until sometime later this year. The City of Austin has not made a request to the Comptrollers office, and there is no date for the event, yet we have an estimate and pay dates certified by the Comptroller.

Further complicating the issue is the $25 million appropriation sitting in wait. In 2009, $25 million was set aside for the Major Events Trust Fund, but was not tied to any specific event. This money is literally sitting there while legislators are scraping up every dime to balance the budget. The Senate Finance Committee voted to pull the funding from the next budget, but Susan Combs will not credit it back to the budget. In committee it was acknowledged that this was the money for Formula 1.

At a time when people are stressed about their schools, stressed about their jobs, stressed about health care and nursing homes, for us to check off $25 million for race cars, I think we make people say where are their priorities, state Senator Dan Patrick said. That $25 million would pay for 500 teacher salaries. How can we explain to people were spending that money on race cars?

The solution to this issue is a simple one. The Comptrollers office should credit the money back to general revenue, as it is not tied to any event. That move will not take the funding away from Formula 1. By law, Formula 1 doesnt have any state funding yet. When a date is set for a race, the City of Austin can apply to the major events trust fund one year before the race. Once approved, Formula 1 will be eligible to get the estimated tax revenue the event generates. The only difference will be the money will come after the event, and not by appropriation in the midst of a state budget crisis.
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Axecent · May 5, 2011

http://www.facebook.com/home.php?sk=lf#!/

iamthesimpleone · May 5, 2011

Axecent said: ↑

Bldg construction started
http://www.facebook.com/home.php?sk=lf#!/
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woo hoo

madmaxatl · May 5, 2011

reminds me of the USF1 nose cone.

Tifosi15 · May 5, 2011

madmaxatl said: ↑

reminds me of the USF1 nose cone.
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At this point I agree.

Can anyone discern what that might be? Tex?

Axecent · May 5, 2011

Possibly could get your nose cone rubbed in it...still, I remain skeptical...at least for 2012.

I do live a mere 80 miles from the track, though. Here's hoping.

Simon^2 · May 6, 2011

Axecent said: ↑

Building Construction Started.

http://www.facebook.com/home.php?sk=lf#!/
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Link doesn't lead to photo's for me. Can someone post the photo's or provide another link...

iamthesimpleone · May 6, 2011

Simon^2 said: ↑

Link doesn't lead to photo's for me. Can someone post the photo's or provide another link...
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there you go. It's not a structure. Just relating to the drainage......
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Simon^2 · May 6, 2011

iamthesimpleone said: ↑

there you go. It's not a structure. Just relating to the drainage......
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Thanks.

As they say,... a picture is worth a thousand words.

iamthesimpleone · May 6, 2011

Simon^2 said: ↑

Thanks.

As they say,... a picture is worth a thousand words.
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they do have a ways to go....
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US GP in Austin Discussion and Speculation...

Now that Austin is on the official FIA calendar, will the race really happen?

Yes, it will happen.

No, no way for construction to finish.

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US GP in Austin Discussion and Speculation...

Now that Austin is on the official FIA calendar, will the race really happen?

Yes, it will happen.

No, no way for construction to finish.

Jagbuff Formula 3

nsxrebel Formula 3

tifosi12 Four Time F1 World Champ Lifetime Rossa Owner

Simon^2 F1 World Champ

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