Texas pays $29.3M to Austin F1 race organizers

Texas pays $29.3M to Austin F1 race organizers

AUSTIN, Texas (AP) - Texas has paid Formula One organizers more than $29 million for hosting costs during the mid-November race weekend that drew fans worldwide to Austin.

State Comptroller Susan Combs approved payment from the Major Events Trust Fund. The fund involves local and state gains from sales and use, auto rental, hotel and alcoholic beverage taxes generated from major sporting events.

The $29.3 million paid last Friday, as an estimation of generated tax revenue during the period, helps cover expenses such as traffic management, temporary grandstands, other seating and a sanctioning fee. The Circuit Events Local Organizing Committee helped agree on the figure.

Organizers had sought $30.6 million.

 

Online:

http://www.texasahead.org/tax_programs/event_fund/metf.php

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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