Austin City Council endorses F1 track

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by STEVE ALBERTS / KVUE News

kvue.com

Posted on June 29, 2011 at 4:35 PM

Updated Wednesday, Jun 29 at 10:19 PM

The Austin City Council has voted to endorse the Formula 1 deal.

Council held a specially-called meeting about the new Formula 1 track Wednesday.

The debate over whether to endorse Formula 1 racing is a hot topic, but it passed with a 5-2 vote. That now paves the way for F1 to receive $25 million over 10 years from the state's major events trust fund.

Last week the F1 topic drew hundreds of impassioned people both for and against the project.  That caused council to delay a decision a week.

F1 organizers are asking for an endorsement that won't cost the city any money, but would pave the way for $25 million per year from the state's major events fund.

F1 supporters say Austin will see a sizable economic gain from hosting the race -- something opponents do not buy.

This was newly-sworn-in council member Kathie Tovo's first big decision. She voted against the deal.

The city has also reached a preliminary environmental agreement with local Formula 1 race and facility developers. The agreement includes measures such as tree planting, a community garden, and $5 million in on-site green technology research.
 

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