Austin, the aid worth 25 million
Scheduled for mid-2012, the Texas circuit is facing some difficulties.
Recently named Circuit of the Americas, the Austin track is supposed to host Formula 1 starting next season. Supposed to, at least. Indeed, the construction of the track, largely reliant on private investments, cannot proceed without financial contributions from public entities, particularly from the State of Texas.
It is therefore a $25 million aid package that will need to be approved by the Texas Parliament. And its legislative journey began in the worst possible way since the State Senate Finance Committee did not approve the subsidy proposal, with a very large majority of its members (10 votes to 4).
Dan Patrick, one of the Texas senators, was particularly vehement against this project, highlighting the concerns of his fellow citizens: « People are worried about their schools, their jobs, and their healthcare. If we write this $25 million check for a racetrack, people might wonder where the priorities are ». The Republican lawmaker, who nevertheless supported the reform reducing education funding in Texas by 20%, adds that « this sum could fund the salaries of 500 teachers ».
The very slight brake that this rejection represents must, however, be put into perspective: in all likelihood, the subsidy should be voted on by the House of Representatives. This will then be followed by a phase of intense lobbying and negotiation between the two chambers.
Moreover, although the budget is slightly being questioned, the construction is progressing satisfactorily. Jeff Hahn, head of a Texas-based company working with the Grand Prix developers, has shown optimism: “For now, everything holds. Our construction goals are on track. It’s a tight schedule: we’ve planned for June 2012 for the inauguration. But this isn’t unusual, many other circuits have been built in the same number of months.”
Another piece of news that should give optimists more reason to celebrate: the recent signing of a 10-year agreement between the Circuit of Austin and Dorna, the organizer of the Moto Grand Prix, which will take effect starting the 2013 season.
