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^^ i did say the city and not the state. I do know that they are not going to get the 25 million if they don't approve this 4 million.
"Formula 1 organizers need the city to sign off on the agreement because it will unlock $25 million in yearly funding from the state of Texas."
i am working out the math here, if like projected that 120k+ (some say 300K+ in the city) people are going to be at the event that means that the city is going to have to collect $33.34 in revenue from each person to break even on their 4 million. I really don't think that is going to be hard...
Sales tax in Austin is 8.25% so if the average per person spends $500 total in the city (hotel rooms, taxis, food, merchandise, etc.) they create $41.25 in revenue. $7.91 left over giving them almost a million dollars additional just for the weekend. $400 per person would be the breakeven. This doesn't seem outrageous...
more facts about the race in Austin
300 million economic impact annually
$600 million television viewers worldwide in 188 countries
Global “star power” presence, second only to the Oscars
300,000 people attending the event over the weekend
More than 1,500 construction jobs
1,200 temporary jobs associated with the Grand Prix event
350 temporary jobs with each additional racing event
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