Major screw up by COTA will cost them $25 million

[AustinN4]

https://www.statesman.com/news/20190220/error-will-cost-f1-track-25-million-in-state-funding

 

[Vaquero]

Oops.

 

[toddnjoyce]

While that’s going to hurt, I’m curious how a business venture isn’t profitable unless it receives a $25M/yr reimbursement from the state.

I’m sure it’s more complex than that, though.

 

[diesel1959]

 

[Brains]

I've got a great idea, open the track up for track days!

 

[pronstar]

F1 is a multi-billion entertainment franchise.

Why taxpayers are subsidizing a single race to the tune of $25M/year is beyond my comprehension.


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[TAZ]

What are the tax payers of Texas reimbursing COTA for? Are these the property tax breaks or something in addition to that?

Why are we pissing away tax $$ for this kind of junk??

 

[EZ-E]

F1 is a multi-billion entertainment franchise.

Why taxpayers are subsidizing a single race to the tune of $25M/year is beyond my comprehension.


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That's what i was thinking also. I want to know what the big wigs pay check is every year... maybe they need a pay decrees so they can pay me back my tax $$$

 

[AustinN4]

What are the tax payers of Texas reimbursing COTA for? Are these the property tax breaks or something in addition to that?

Why are we pissing away tax $$ for this kind of junk??

Read the article at the link.

 

[Younggun]

Don’t see why they would need the money. If the state comes out ahead through tax revenues earned and the race wouldn’t happen otherwise (net loss) I’m ok with it.


What struck me was that they are required to file a human trafficking prevention plan for a race track.


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[EZ-E]

Read the article at the link.

"Since 2012, the racetrack has been awarded more than $100 million from the state’s Events Trust Fund, which reimburses the organizers of large-scale one-time or annual events. In recent years, the governor’s office has paid millions to the city of Fort Worth, the Dallas Convention and Visitors Bureau, the Houston Sports Authority and the Circuit of the Americas group known as Circuit Events Local Organizing Committee, or CELOC, for events that included Super Bowl LI, the O’Reilly Auto Parts 500 NASCAR race and the 2018 Final Four for NCAA men’s basketball, according to the governor’s office.

The state’s payment to the track is based on the amount of economic activity the race generates for Texas. In the past, Circuit of the Americas paid the money directly to Formula One’s parent company as a sanctioning fee for permission to hold the race. For the 2018 U.S. Grand Prix, thr track asked for $25,872,004 from the state, according to its application for reimbursement. Estimated attendance for the F1 event Oct. 19-21 was more than 101,000 people, including nearly 63,000 from out of state."

 

[AustinN4]

Don’t see why they would need the money. If the state comes out ahead through tax revenues earned and the race wouldn’t happen otherwise (net loss) I’m ok with it.

And that is what has happened each year.

What struck me was that they are required to file a human trafficking prevention plan for a race track.

In the article - big international events like this draw lots of prostitution, not just F1.

 

[Big Dipper]

What struck me was that they are required to file a human trafficking prevention plan for a race track.


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All of the big events (Super Bowl, World Series, F1, ...) and the big spenders that attend them draw in hookers and pimps.

 

[toddnjoyce]

What are the tax payers of Texas reimbursing COTA for? Are these the property tax breaks or something in addition to that?

Why are we pissing away tax $$ for this kind of junk??

All you need to know here. Appears to be sales tax reimbursements based on actual economic impact of the event. nothing to do with property tax.

https://gov.texas.gov/business/page/event-trust-funds-program

 

[Younggun]

So they have to have an anti party plan?


Bunch of killjoys.


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[pronstar]

That's what i was thinking also. I want to know what the big wigs pay check is every year... maybe they need a pay decrees so they can pay me back my tax $$$

Bernie’s Ecclestone’s daughter lives in the largest house in LA, and is selling it for $150M.

That tells me all I need to know

(Yes I realize Bernie sold F1 but the COTA deal fell under his watch)

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[Moonpie]

The Swamp runs deep.

 

[EZ-E]

The Swamp runs deep.

dont you have some guns to clean

 

[Moonpie]

dont you have some guns to clean

Gotta let’em cool off first.

 

[EZ-E]

Bernie’s Ecclestone’s daughter lives in the largest house in LA, and is selling it for $150M.

That tells me all I need to know

(Yes I realize Bernie sold F1 but the COTA deal fell under his watch)


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I'd bang her like the bottom of a bottle ketchup