The State of Texas, 2011 Super Bowl they gave them $30MM to an event that was selected a full 4 years before the scheduled date....... One of the plantiffs has a history of doing these types of things. He held up a plot of land to be developed for several years once, and filed similar law suits when tax incentives were offered to retail developments.....I'm all for having your voice in government, but when you care this much about it, why not run for office, or ya know.....buy the land yourself.... You catch some of the live stream??
I turned it on at ~ 5:30 right as a woman motioned for postponement. Was interesting watching COTA's lawyer squirm... He didn't want a delay. Obviously doesn't help his case if Tovo gets a vote. A council member asked if his (COTA's) group could meet wed-fri, if there were a delay... and he waffled (fair enough... he doesn't know their schedule)... But... if I were a Council Member... I would have responded... well if it's not important enough for your clients to meet next week, should we just adjourn? COTA's Lawyer did say flat out that they need to get state funding ASAP in order to work on getting financing... Still believe they are fully funded?
I would think any funding might have contigencies placed on the geting the METF funding.. 250MM is a big slice out of the business plan. The sad part is, long term, I could see F1 taking off in the states. My generation; the one who grew up on video games, isn't very interested in NASCAR....time will tell...
No, it was just replaced by this https://www.ci.austin.tx.us/devreview/b_showpublicpermitfolderdetails.jsp?FolderRSN=10610993
Did they actually say "work on GETTING financing"? If so, that is damning. Very damning indeed. We all knew it was the case, but for the lawyer to air that to the group smacks of desperation.
+1 Only a Texan billionaire who wants to become a millionaire can save them. Yet the majority on here continues to believe this will happen...
Take a walk down Memory Lane: Robert Epstein of Prophet Capital Management Ltd. and Rad Weaver, director of business development for Red McCombs Enterprises, who both have kept a low profile since the announcement that the race is coming to Austin, sat recently with the Austin Business Journal to discuss the project, including new information about the ambitious plan. The first phase of development, including construction and design of the track and support facilities, is expected to cost about $250 million, the investors said. Previously, Austin Formula One officials said the 3.4-mile track would cost $180 million, but hadn’t said how much it will cost to build the direct-support facilities, which engineering plans show would be more than 300,000 square feet. Epstein and Weaver declined to discuss the specifics of how much each company is investing, but they said the funds were all raised “pretty quickly.” “We have the money put together,” Weaver said. http://www.bizjournals.com/austin/print-edition/2010/11/05/f1-project-investors-ready-with.html
Great read. In the article it said that people are loaning up to 80% of project costs. At that ratio, they'd ask for anywhere from $200MM to 320MM depending on if the project costs between 250 or 400MM. My guess of the funding having contigencies in place about getting the METF money is starting to make sense now
http://www.statesman.com/blogs/content/shared-gen/blogs/austin/racing/entries/2011/06/24/development_starting_near_f1_t.html?cxntfid=blogs_formula_austin a good sign
The city posted the transcripts online today. Found the part you were referencing in them: http://www.ci.austin.tx.us/council/2011/council_06232011.htm Whomever it was; I took it as a vote of confidence.....
Is there an offical date for the F1 Grand Prix in Austin? I've heard 6/17 and 6/24. Sorry, I just started to follow this thread
No official date until WMSC ratifies the calendar. That will be in September or December. The current date is only proposed. But don't take my word for it, take it from the president of the FIA Senate: http://www.statesman.com/sports/pro/f1-sets-june-17-2012f1-sets-june-17-2012-as-tentative-austin-1517648.html Nick Craw, president of the 10-member senate of Federation Internationale de L'Automobile, said in an email: "This is the proposed date. The date won't be final until the September or December WMSC meeting. That's why you can't get tickets yet.
