State pays F1 $29 Million
The Texas Comptroller has paid the organizers of Austin’s Formula One race more than $29 million from the state’s Major Events Trust Fund.
The amount was based on an estimate of how much tax revenue the race would generate.
“We pay them back $29.3 million because we’re saying, basically, that there’s been an incremental tax increase of $29.3 million so we’re going to let you have that money to pay you back for expenses that you had bringing the event here,” said Lauren Willis with the comptroller’s office.
Organizers sought reimbursement for the F1 sanctioning fee, temporary seating, and the cost of putting together a traffic and safety plan.
If organizers want reimbursement for future races, they’ll have to reapply. The comptroller’s office is putting together a full economic study to determine how much tax revenue the race actually generated. The study will affect how much organizers could receive next time if they apply again.