Austin City Commission APPROVED the F1 agreement today. I believe this means they can get State funding.
Formula One: Austin City Council votes in favor of U.S. Grand Prix
Promoters are building a track southeast of Austin Texas to host a planned Formula One race in 2012.
By ALAN PEASE on 6/29/2011
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The Austin, Texas, City Council on Wednesday voted to endorse the proposed Formula One Grand Prix, opening the door for the promoters, Formula One United States and Circuit of the Americas, to access the $25 million in funds from the state of Texas’s Major Event Trust Fund (METF).
Following yet another contentious public meeting, the council voted 5-2 in favor of endorsing Formula One United States. Council members Sheryl Cole, Bill Spelman, Mike Martinez, Chris Riley and Mayor Lee Leffingwell voted in favor of the event, while council members Laura Morrison and Kathie Tovo voted against it.
Well into the late afternoon Wednesday, the council continued to capture worldwide attention from F1 and its fans, just as it has over the past several weeks.
Challenges on Wednesday were limited to the involved contracts--and whether or not they comply with applicable law.
The first speaker, James “Jolly” Clark of Austin, questioned the legality of Circuit Events Local Organizing Community (CELOC). Clark quoted chapter and verse of Texas laws that he believed would be violated by the City Council entering into any agreement with CELOC. Several speakers donated their time so Clark could complete his presentation.
Full AW story here.......
Formula One: Austin City Council votes in favor of U.S. Grand Prix - AutoWeek
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Formula One: Austin City Council votes in favor of U.S. Grand Prix - AutoWeek