F1 money:

Comptroller grants $29.3 mil­lion, based on es­ti­mated tax rev­enues of the rac­ing event.

Austin American-Statesman - - FRONT PAGE - By Dave Doolittle ddoolit­tle@states­man.com

Texas Comptroller Su­san Combs ap­proves a $29.3 mil­lion pay­ment of state money to the or­ga­niz­ers of Novem­ber’s For­mula One race.

State Comptroller Su­san Combs has ap­proved pay­ment of $29.3 mil­lion from the state Ma­jor Events Trust Fund to or­ga­niz­ers of Novem­ber’s For­mula One race, slightly less than what a group af­fil­i­ated with Cir­cuit of the Amer­i­cas had re­quested in July.

The $29.3 mil­lion cov­ers ex­penses re­lated to host­ing the U.S. Grand Prix on Nov. 1618, in­clud­ing traf­fic man­age­ment, tem­po­rary grand­stands, other seat­ing and a sanc­tion­ing fee to For­mula One Man­age­ment to host the race.

The amount au­tho­rized by Combs isn’t based on ac­tual tax rev­enue gen­er­ated by the event. It is an es­ti­ma­tion of tax rev­enue made by the comptroller’s staff and the Cir­cuit Events Lo­cal Or­ga­niz­ing Com­mit­tee.

Un­der trust fund rules, the amount granted to the event or­ga­niz­ers should be equal to the amount of ad­di­tional tax rev­enues gen­er­ated by the ma­jor event. The comptroller’s staff is re­quired to com­plete a post-event eco­nomic anal­y­sis within 18 months of the event.

“We’ll gather that data and start putting it to­gether … as soon as we can,” said Lau­ren Wil­lis, di­rec­tor of com­mu­ni­ca­tions for the comptroller’s of­fice.

The tax rev­enues to be an­a­lyzed in­clude sales, al­co­hol, ho­tel rooms and car rentals.

An eco­nomic study submitted by the or­ga­niz­ing com­mit­tee in July es­ti­mated that the race events would pro­duce about $26.4 mil­lion in new tax rev­enue for the state.

The ap­pli­ca­tion to the trust fund sought a to­tal of $30.6 mil­lion. The ap­pli­ca­tion con­tained the eco­nomic im­pact study, let­ters from city of Austin of­fi­cials and For­mula One chief Bernie Ec­cle­stone,

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