Crash.Net User: IanH

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IanH

September 26, 2012 2:36 AM

F1 » Doubts emerge over New Jersey


Ptolomy, FYI its not Texas Oil money that's funding Bernie's fee, the $25M is coming from a Texas Sales tax fund that will refund the out of state visitors sales taxes collected (or estimated)that are raised by the event. This fund also put up the money for the Superbowl amongst others.

IanH

August 21, 2012 3:43 PM

F1 » Austin responds to Attorney General


Last year when all the finances blew up that resulted in Tevo losing the driving seat, I called the Major events people in Austin. Although this funding doesn't come out of government funding the Austin papers were and I expect still are stirring up stories of this money being funded by "your" local and state taxes. The money comes from the additional state taxes collected as a result of the event, as a refund or in advance. When local pressure got bad the Texas comptroller Susan Combes reneged on the advance payment that killed Tevo's deal. So we are left wondering what the hell is going on now ? This money was used for the Super Bowl and all sorts of other events.

IanH

November 19, 2011 3:28 PM
Last Edited 1076 days ago

F1 » Circuit of the Americas prepared to wait


Re: comment above about Texas state money. This is authorized by Law to give the Extra state and local taxes generated by the event back to support the event. Formula One is specifically allowed by name. This money DOES NOT come from taxes directly but from you and me when we attend the event. I got a call back from the Austin Comptrollers office yesterday and they told me 1) The application that was made (by Full throttle I assume) was with drawn when the date changed. 2) they don't currently have an application. 3) they will pay out the money generated as approved by statute after the event and impact can be calculated. Yes the negative press about tax money being used resulted in the clarification that the money will be available after the event, with an amount calculated post event. So no nice piece of paper to take to backers or banks with the $25M number on it. And I think this is the problem Full throttle ran into. Hope this helps

IanH

November 18, 2011 2:31 PM

F1 » Circuit of the Americas prepared to wait


Rolfe in Austin Is this Full throttle racing or circuit of America's or State Of Texas Major Event fund that's let this fall apart ? My understanding is that Susan Combs Has said the money ( that's not approved yet, I checked the Web site approved list as of 31st Oct 2011) will only be paid AFTER the event and the Tax revenue impact can be calculated.

IanH

June 08, 2011 2:37 PM

F1 » Austin feeling heat over June date?


Ok its hot on Texas in June. Its due to be 97F today in the Dallas area, and they somehow are always 3 -4 degrees low compared to the local temp monitors. I went to Sepang 3 times, and to compare to there, the humidity there is higher, which makes it worse IMHO. Yes please re-schedule for March or April, I don't object to the chance of rain. It was a great race in Sepang when it rained. Roll on June 17 2012 !!!


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