Wednesday, October 22, 2014

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CELOC reapplies for state funds

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TWC News: CELOC reapplies for state funds
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CELOC, the nonprofit organized to help bring Formula 1 to Austin, is asking the state for $30.6 million.

It's the second time State Comptroller Susan Combs has received a request from the Circuit Events Local Organizing Committee in relation to the Circuit of the Americas. They first applied for the money in June 2011, but then had to withdraw the application when the race was moved from June to November of this year.

The money would come from the Major Events Trust Fund—the same bank account that pays for events like the Super Bowl and NCAA basketball playoffs.

In 2011, the state legislature gave its approval to provide $25 million each year through 2021 for the international racing event as an incentive to bring crowds—and their money—to Central Texas.

The letter includes an economic impact study which says close to $300 million will be generated in the area and more than 4,000 jobs will be created.

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