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Originally Posted by Jdawgboy
Here's the problem with your statement. One, Formula 1 would not be announcing this in the first place if they didn't intend to do it. They signed a contract with the city of Austin. Two, This has been in the works for awhile now albiet secretive. I got off the phone just this morning with a friend in San Jose, who has connections with people who have known about this deal for months and he knew this announcenment was comming even though he didn't bother to tell me ealier which I chewed him out for it lol. Three..., im not sure where your getting that $250 million from because they havn't stated the ammount that this would cost. The $250 million is the ammount of money that will be pumped into the Austin economy because of this event. You remind me of all those who said the Austonian would never be built lol.
This is earth shattering news for the city of Austin. Not only will we be hosting a true international event, but there will be thousands of new jobs that will be created here because of Formula 1. Not just the event itself, but the residual affect. Hotels will be sprining up downtown like weeds (hopefully tall ones), not to mention other parts of the city. The track will be used year around as well, not just for this one event. Companies that are researching alternative fuels will set up shop here to use the track for testing. This is as big as they come for any city and this will propel our city like a slingshot over the next several years. You think our population was going to grow before, now with this announcment you can bank on a pretty big population growth spurt that most likely would have never happend if this event never came here.
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The Statesman article provided that building the track could cost $250 million. Because many other things necessary for this event would cost many additional millions of dollars, I stated that this would cost more than $250 million.
I suppose it's possible that the event would, as you say, pump $250 million into the local economy. That would be wonderful, if true. The problem would be in raising that much start up capital during perhaps the worst year for private and public finance in the history of private and public finance.
Everyone is broke. Which leads me to my next post . . .