Circuit of the Americas Development Updates

[BevoLJ]

I was reading that Ferrari and all the rest of the teams are going to try to take over F1 after the current contract with CVC expires in 2012. After 2012 CVC no longer owns F1 at all as I understand it. They are thinking about doing like the NBA did where the teams own the league through a company that all of the team create together. There was some other talk that News Corp was going to join up with that mega gazillioniar telephone dude from Mexico that is the richest dude in the universe and buy F1 but a lot of people have told me that is not going to happen.

[Armybrat]

Originally Posted by BevoLJ

I was reading that Ferrari and all the rest of the teams are going to try to take over F1 after the current contract with CVC expires in 2012. After 2012 CVC no longer owns F1 at all as I understand it. They are thinking about doing like the NBA did where the teams own the league through a company that all of the team create together. There was some other talk that News Corp was going to join up with that mega gazillioniar telephone dude from Mexico that is the richest dude in the universe and buy F1 but a lot of people have told me that is not going to happen.

Carlos Slim (said gazillionaire) might like having an F1 race so close to home.

But I'm surprised Dr. Nasser Al Rashid hasn't made an investment in Austin's track. Then again, Dr.Rashid is a sailing & football fan.

[BevoLJ]

http://www.statesman.com/opinion/ang...l-1486199.html

Angelou: No question that investment in F1 will rev Texas economy
Angelos Angelou, Local Contributor
Published: 6:44 p.m. Thursday, May 19, 2011

Much has been publicized about the future of Formula 1 in Austin and Texas and I have been amazed by the misinformation linking state investment in the project via the Major Events Trust Fund to the reductions schools are making in their teacher ranks. The comparison presents a false choice and is economically irrational.

Let's begin by understanding that the Major Events Trust Fund is a fiscally neutral mechanism. The fund was created by the Texas Legislature in 2003 to help attract large, well-attended events such as the Super Bowl, the NCAA Final Four basketball championships, the NBA All-Star Game and now Formula 1 racing.

Under the legislation, the Major Events Trust Fund can provide $25 million toward hosting the Formula 1 event. None of these funds are used to build the venue itself, and the entire amount is reimbursed to the state once additional taxes generated from auto rentals, hotel stays, restaurant sales, alcoholic beverage sales and the sale of a variety of support services are realized.

By my own firm's conservative estimates, more than $30 million in additional sales tax will be generated by the Formula 1 event alone.

Overall, the comptroller's preliminary economic impact study completed in 2010 suggests accrued benefits to the Texas economy of just under $300 million from the Formula 1 race event. My own calculations peg the actual economic impact at well over $500 million when one considers benefits derived from the construction of the facilities and additional revenue generated from other events to be hosted year-round at this venue.

These estimates are reinforced in past studies. According to a Financial Times-reported study in September 2008, the $275 million invested in Formula 1 races by governments around the world brought in $1.52 billion to local economies — a 533 percent rate of return per race.

....

[KevinFromTexas]

I kind of have to agree with him. It's Watson, so you know he's not doing it to harm Austin. Anyway, it did not pass.

http://www.statesman.com/news/texas-...g-1498834.html

Austin senator votes to strip out F1 spending from state spending bill

By Laylan Copelin
AMERICAN-STATESMAN STAFF
Published: 10:48 p.m. Wednesday, May 25, 2011

The Texas Senate on Wednesday night rejected an attempt to strip $25 million in taxpayer dollars from Austin's Formula One track, but Sen. Kirk Watson, an F1 supporter, joined in the vote to delete the money. The Austin Democrat said he couldn't support spending $25 million on the track when the Austin school district will lose more than that in the first year of the state's 2012-13 budget.

[hookem]

Originally Posted by KevinFromTexas

I kind of have to agree with him. It's Watson, so you know he's not doing it to harm Austin. Anyway, it did not pass.

http://www.statesman.com/news/texas-...g-1498834.html

I think it's purely political. Watson knew it would not pass (the removal of funding), so he opted to symbolically vote for it. His district is being gerrymandered by the new maps, now it will include more conservative voters... so this is a great opportunity for him to earn their support without actually harming Austin.

[MichaelB]

Originally Posted by KevinFromTexas

I kind of have to agree with him. It's Watson, so you know he's not doing it to harm Austin. Anyway, it did not pass.

http://www.statesman.com/news/texas-...g-1498834.html

I tend to agree with you.

[Spaceman]

Fortunately Dan Patrick didn't get his way on this matter....This fanatic needs to be watched closely....As I said earlier, he hates Austin...If the track had been built in his district, he would be a huge supporter. Religious fanatic =CROOK!!!









+l

[Jdawgboy]

Originally Posted by Spaceman

Fortunately Dan Patrick didn't get his way on this matter....This fanatic needs to be watched closely....As I said earlier, he hates Austin...If the track had been built in his district, he would be a huge supporter. Religious fanatic =CROOK!!!









+l

I agree 100 percent, he is all about himself, his district, his city of Houston, he could care less about the Capital City, and deep down resents Austin.

[KevinFromTexas]

This isn't an actual widening of the road. They would only be painting new stripes to create 4 lanes instead of 2.

By the way, it's interesting, I was reading some of the comments to the article. One person said they're starting a helicopter ferry business to help carry passengers to and from the track site. This thing is going to have an interesting impact on the airport and even the whole city. I have to wonder if helicopter ferries will be used elsewhere in the city and what that will be like.

Update: - The Austin Business Journal said this passed today.

http://www.statesman.com/news/local/...m-1508216.html

F1 developers' offer to help pay for FM 812 work on Travis commissioners' agenda today

By John Maher
AMERICAN-STATESMAN STAFF
Updated: 12:53 a.m. Tuesday, May 31, 2011
Published: 8:13 p.m. Monday, May 30, 2011

Travis County commissioners could vote today on an agreement for racetrack developers to pay $375,000 of an estimated $1.5 million face-lift for a five-mile stretch of FM 812, which will be the main entrance to the $400 million venue southeast of Austin.

The improvements would allow FM 812 , now configured for two lanes, to handle four lanes of traffic on race days. The pavement repair, sealing and topping is scheduled to begin in August and be completed by year's end.

The road borders the southern edge of the Circuit of the Americas, which will be home to Formula One auto races .

No county money would be spent for the Texas Department of Transportation project. The county would serve as a conduit for the developers' money to be passed on to the state.

[BevoLJ]

http://www.statesman.com/opinion/ang...l-1486199.html

Formula One Austin track to host nonprofit events
Austin Business Journal
Date: Tuesday, May 31, 2011, 8:30am CDT

Grand Prix fans won't be the only ones to gather at Austin's Formula One race track when it opens next year.

....

The 3.4-mile circuit is adaptable for running races, obstacle courses and other fitness events, officials said in a recent press release. It will have space fore more than 120,000 observers, ample parking and meeting and conference rooms.

....

Among the events announced last week, RunTex, Everloop and others will host the Austin Kids Endurance Carnival. The full-day event will integrate running, fitness and other sporting activities. The Austin and Del Valle Independent School Districts have also planned "Born to Run." The one-mile race will follow with a training program from the districts.

Others that have proposed events include: MaxCure Pediatric Cancer Foundation; Dell Children’s Medical Center; Race for the Cure and Veloway Biking, Triathlons, Duathlons. West said organizers have also suggested music events such as an "Austin Idol" competition.

[hookem]

So the Circuit of the Americas web site updated their video about the track, and it includes more detailed renderings than before. One of the facebook groups broke it up into snapshots, and you can see it here:

http://www.facebook.com/media/set/?s...06702412746697

In the early renders of the buildings, I felt like maybe the "style" was just a result of very early plans that were primarily to show function, and that things would flesh out a little different. However, these new renders kind of continue with the style from before, and even expand upon it. I'm not sure what they are going for. There seem to be a lot of parallel lines... also, not a lot of shade. There doesn't seem to be much in the way of non-functional stuff. Even the observation tower looks like it is nothing but a support structure, almost like an antenna, drilling rig, or even carnival ride.

I'd be really curious about opinions from the more architecturally savvy folks here...

[BevoLJ]

Oh, very cool new video hook'em. Just went to check their site and here is the new video they put up.

• Video Link

[hookem]

These are the stills I referred to earlier; they are from facebook, but credited properly to their original source. So hopefully it's OK to post.

[Jdawgboy]

JUNE 17th 2012 is the set date for the United States Grand Prix!!!!

[Somnio]

I was hoping Austin's race would be in November, right before the Brazilian date. The weather would have been much nicer, but I'm still really excited about next year's race.

2012 FIA Formula One World Championship calendar:
11/03 Bahrain
18/03 Australia
01/04 Malaysia
08/04 China
22/04 Korea
06/05 Turkey *
20/05 Spain
27/05 Monaco
10/06 Canada
17/06 United States
01/07 Valencia, Spain
15/07 Great Britain
29/07 Germany
05/08 Hungary
02/09 Belgium
09/09 Italy
30/09 Singapore
14/10 Japan
28/10 India
11/11 Abu Dhabi
25/11 Brazil

http://www.formula1.com/news/headlin...1/6/12133.html

[Somnio]

Originally Posted by KevinFromTexas

This isn't an actual widening of the road. They would only be painting new stripes to create 4 lanes instead of 2.

Update: - The Austin Business Journal said this passed today.

http://www.statesman.com/news/local/...m-1508216.html

Not 100% correct....

The track's developers will pay for additional improvements to FM 812 near the main entrance to the circuit , including turn lanes. Those improvements require adding pavement, seven feet on the eastbound approach and 13½ feet on the westbound approach.

[Spaceman]

How much horsepower is lost when an air conditioner is installed in an F1 car...I hope "cool suit" technology will be in use for the race...

[BevoLJ]

http://www.statesman.com/business/ci...09.html?page=2

City Council to be briefed on helping Formula 1
By Eric Dexheimer and Shonda Novak
AMERICAN-STATESMAN STAFF
Published: 10:40 p.m. Friday, June 3, 2011

Organizers of a proposed Formula One race in Austin have officially asked the Austin City Council to sign on to the event, a legal step necessary for race organizers to become eligible for a multimillion-dollar state economic incentive program.

The City Council is scheduled to be briefed Tuesday on a proposal to become the local sponsoring entity of the race.

International F1 officials announced Friday that the inaugural Austin race is scheduled for June 17, 2012.

Gaining the city's approval would make United States Grand Prix, the Austin-based organization formed by race promoter Tavo Hellmund, eligible to collect $25 million a year for 10 years from the state's Major Events Trust Fund. The money would be used to pay the sanctioning fee to the international F1 organization.

According to state laws, the fund is to be backed by taxes generated by the event itself and not cost taxpayers anything. Additional sales, alcohol, lodging and car rental tax revenues attributable to the event are deposited into an account at the comptroller's office. The host city can then tap the account to cover expenses tied to the event, such as security. The process would repeat in future years, assuming the F1 organizers reapplied.

Typically, the local sponsoring entity would deposit its share of the extra anticipated tax revenue — in this case, an estimated $4 million — into a state account before the event. But Richard Suttle Jr., an attorney for race organizers, said his clients are prepared to cover the first-year portion of the trust fund.

"The city will not be asked to front that amount," he said. "We're paying it on the front end. It's essentially a rolling loan

...

In a recent opinion piece in the American-Statesman, economist Angelos Angelou said his calculation of the track's impact is well over $500 million

...

Cole also said she will "urge annexation with all deliberate speed" of the 1,100-acre F1 site and related development it is expected to spur, to increase the city's property tax base.

The racetrack venue is expected to draw 400,000 people annually to a series of events, said Bobby Epstein, whose Prophet Capital Management is an investor in the $400 million venture.

Assuming that attendees spend "well over" $1,000 each during their stay — likely considerably more over multiple nights — "it's easy to get to that $500 million number" — or $5 billion over the next 10 to 15 years, Epstein said.

Given that impact, he said the city's participation is "a pretty great investment."

"This isn't money spent by Texans on Texans; this is money flowing into our state and into our city" from out-of-town visitors.

...

[BevoLJ]

Goto (or just pause) it at or just after 00:46 for a nice show overlooking it and the skyline.

• Video Link

[priller]

Originally Posted by Jdawgboy

JUNE 17th 2012 is the set date for the United States Grand Prix!!!!

Hmm, that's gonna be hot.