Fears have eased that Austin’s city council could scupper the 2012 US grand prix.<\/p>\n
It emerged last week that if council members refuse to sign up as “endorsing municipality”, the race organisers’ $25 million in annual state funding for the Circuit of the Americas project is in doubt.<\/p>\n
The council agreement would involve Austin contributing $4m per year to Texas’ Major Events Trust Fund, even though the race organisers are pledging to pick up the bill.<\/p>\n
Earlier reports had said the organisers were hoping the $4m would be funded by taxpayers in subsequent years, but it now emerges that they have agreed to pay up for the full decade of the formula one contract.<\/p>\n
“This confirms what I’ve been saying all along — that the city would be contributing no up-front money, and that the city would not be at risk,” confirmed Austin mayor Lee Leffingwell.<\/p>\n
Asked if the agreement will be formalised by the time the council meets next week, he is quoted by the Austin Chronicle: “I would hope so.”<\/p>\n
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