Circuit of the Americas Development Updates

[Somnio]

Originally Posted by Armybrat

That is me.

How can you bear spending time on that forum? I spend five minutes there, and I get nauseous.

[Spaceman]

Just make sure the name is correct on the check LOL

[Armybrat]

Originally Posted by Somnio

How can you bear spending time on that forum? I spend five minutes there, and I get nauseous.

The Austin forum isn't too bad, but a lot of the international ones and the poliitical forum leave much to be desired.....to say the least.

[Jdawgboy]

Originally Posted by Somnio

How can you bear spending time on that forum? I spend five minutes there, and I get nauseous.

I sometimes get on there cause I like a good fight, since here we cant really have city vs. anymore, I like to go and talk smack if you will on that forum LOL... But honestly this is the best place to get a good dialog and facts.

[hookem]

Originally Posted by Armybrat

The Austin forum isn't too bad, but a lot of the international ones and the poliitical forum leave much to be desired.....to say the least.

I don't know, I've read that forum before and it looks pretty bad... everyone is extremely argumentative. Dunno what it is about that place. The general tone here is so completely different -- I'm surprised a few of the posters are the same!

[MichaelB]

Originally Posted by Jdawgboy

I sometimes get on there cause I like a good fight, since here we cant really have city vs. anymore, I like to go and talk smack if you will on that forum LOL... But honestly this is the best place to get a good dialog and facts.

you are talking about citydata.com?

[ATXboom]

According the Austin Business Journal, the $25M funding from the state has been pulled.

I understand their philosophy, but the impact of the event will employ more teachers, etc than they could hope to otherwise.

[The ATX]

Originally Posted by ATXboom

According the Austin Business Journal, the $25M funding from the state has been pulled.

I understand their philosophy, but the impact of the event will employ more teachers, etc than they could hope to otherwise.

According to the article the money was pulled from the budget by a committee vote. It may be restored in the final budget approved by the legislature.

The Rep. rallying against it is from Houston. This is the same fund that gives local governments money to defray costs for events like Superbowls. I'm guessing that if the money was going to an event in Houston he would be hesitant to vote against it.

[Somnio]

Originally Posted by ATXboom

According the Austin Business Journal, the $25M funding from the state has been pulled.

I understand their philosophy, but the impact of the event will employ more teachers, etc than they could hope to otherwise.

...

Committee Chair Sen. Steve Ogden, R-Bryan, said it was “philosophical vote.”

“As far as the budget is concerned, it makes no difference,” Ogden said.

...

http://www.bizjournals.com/austin/ne...rmula-one.html

[BevoLJ]

The state spent something like $35 million in incentives to bring the Super Bowl to Dallas. This $25 million for F1 will have an even bigger economic impact each year than the Super Bowl did and is annual rather than a one time thing. A huge mistake to go back on our word and pull the funding that we promised we would give.

The income from sales tax alone that this would bring the state would be far more than they are spending, and in addition to the sales tax there is the more than 1000 jobs that will be created by this.

Hell the All-Star game got $15 million. And it didn't even bring in a fraction of the money that F1 would bring.

Add in that this F1 deal is allowing this track which is already bringing in the MotoGP and is lined up for lots of other big events. I don't see how anyone could see spending that money as anything but a huge win for the State's tax coffers.

[ATXboom]

He must be up for re-election... getting the support of the teachers union.

Polititians kill our future to get votes today. CEOs kill the long-term viability of organizations to appease share-holders this quarter.

...The beat goes on until the system is changed.

[ATXboom]

....Man... imagine if Villa Muse had materialized. It was pretty close to the F1 site. That'd be some major economic horse power out that way.

[The ATX]

Originally Posted by ATXboom

....Man... imagine if Villa Muse had materialized. It was pretty close to the F1 site. That'd be some major economic horse power out that way.

I have always believed that Villa Muse was a scam form the beginning. It was too grandiose and pie-in-the-sky. If it was a viable project it would have been built near Austin regardless of annexation issues. If annexation was a problem it would have been built in Bastrop County like the developers threatened. I often don't agree with decisions made by the Austin City Council, but I applauded them on the decision not to fork over ETJ to these crooks.

[KevinFromTexas]

http://www.facebook.com/notes/f1-aus...53463378047591

[KevinFromTexas]

Video taken of the construction site.

• Video Link

• Video Link

• Video Link

Video from ImpactNews with the press conference. This video at 3:18 shows what the 22-story tower might look like. It is an observation tower. It looks odd, though.
• Video Link

[JoninATX]

Austin first Observation Tower, I bet it will have great views of the track and downtown.

[electricron]

The Legislature is trying to balance a State budget that's $27 billion in the red. Cutting this $25 million per year ($50 million over a two year budget) is easy pickings.

Just in sales taxes alone (6.25% for the State), F1 sales within the State will have to be $400 million for the State to break even on their $25 million.

With let's say $100,000 race attendees, that's $4,000 each. Yes, your average family of 4 going to the race would have to spend $16,000.

Welfare for the poor and needy is hard enough for the taxpayers to support, but welfare for the rich is a burden no one should be burden with.

[Schertz1]

Originally Posted by BevoLJ

The state spent something like $35 million in incentives to bring the Super Bowl to Dallas. This $25 million for F1 will have an even bigger economic impact each year than the Super Bowl did and is annual rather than a one time thing. A huge mistake to go back on our word and pull the funding that we promised we would give.

The income from sales tax alone that this would bring the state would be far more than they are spending, and in addition to the sales tax there is the more than 1000 jobs that will be created by this.

Hell the All-Star game got $15 million. And it didn't even bring in a fraction of the money that F1 would bring.

Add in that this F1 deal is allowing this track which is already bringing in the MotoGP and is lined up for lots of other big events. I don't see how anyone could see spending that money as anything but a huge win for the State's tax coffers.

Really....do you actually believe F1 has a greater economic impact than the Super Bowl? The All-Star is debatable. The point is the State is laying-off teachers and other workers due to budget shortages, yet there is 25 million to support this venture. The public is growing tired of hand-outs to the rich....stadiums, tax breaks....etc. If this is viable the financial markets can and will support it. The reality is this race did not provide the anticipated impact in Indy.

F1 will have an impact on San Antonio too, so this is not a SA v. Austin thing.
Yes, the fund is for this type of event, but it is all State money. The budget should be fixed and priorities identified. F1 is not a priority, education is.

Let them use their tax breaks, that is why they got them!

[Mdlx]

Here is a good breakdown of all the events that have been brought to this state using the Texas Event trust fund.

http://www.texasahead.org/tax_progra...und/approvals/

It looks like good business to me, especially for DFW and San Antonio.

[The ATX]

That list is certaintly dominated by S.A. and DFW events, and a lot of the money is for relatively small amounts. This one for Austin jumps out at me:

United States Australian Football League (USAFL) National Championships 2011

I didn't know there was such a thing.