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Filed: Country: Philippines
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Posted

Yesterday, the Wall Street Journal reported that Formula One racing could be headed for the streets of New Jersey within the next two years. The anticipated cost to taxpayers? Nothing.

Since July 2010, state lawmakers in Texas have been fending off countless legal and political challenges mounted against its effort to bring Formula One to Austin, the state’s capital. On June 29, the Austin City Council officially approved the initiative, signifying an end to the measure’s major hurdles. The cost to Texas taxpayers? $250 million.

The difference? The New Jersey race would run on existing streets in the cities of Weehawken and West New York, underneath the New York City skyline. The Texas race is set to take place in a massive 3.4-mile, $242 million track currently being constructed just southeast of Austin.

For those unfamiliar with the sport, Formula One is the world’s richest and most popular motorsport series. It has a tremendously turbulent history in this country, highlighted by an embarrassing driver boycott of the 2005 US Grand Prix. In 2007, the United States hosted its last Formula One race, with the sport failing to gain traction stateside in recent years.

The mayors of the two New Jersey cities confirmed on Tuesday that they were in preliminary talks with a group of high-profile investors regarding plans to bring Formula One to the Garden State as early as 2013.

“In these uncertain economic times when every direct and indirect revenue source is vital, our own Formula One race could be a very positive boost to our citizens,” Weehawken Mayor Richard Turner and West New York Mayor Felix Roque said in a joint statement. “This said, we need to ensure that the financial benefits from the privilege of having these races in our towns are equitably shared and that no tax dollars are used.”

Texas, which recently pushed through a draconian budget bill that slashed funding for public schools by $4 billion, shorted Medicaid $4.8 billion in projected expenses, and cut funding for family planning programs by 66 percent, took a different route to give Formula One a new home: it pledged $25 million a year of state funds to the racing sport, from 2012 through 2022. This means that if all goes accordingly, the state will spend $250 million in tax revenue on the sport over the next ten years.

“Public education and social services have received major cuts, and every Texas community will suffer as a result,” Austin City Council Member Kathie Tovo told The Nation. “This was not a prudent time for our state to commit $250 million towards a for-profit recreational event.”

Tovo found herself in the minority of the City Council’s June 29 vote for the $25 million annual subsidy. She had been a vocal critic of the project during a victorious runoff election campaign that resulted in her being sworn into office one day before the Council’s Formula One vote. Had the measure been rejected, it is likely that the state’s comptroller, Susan Combs, would not have been able to move any state funds towards the project, since the city of Austin was required to be party to the agreed-upon financial deal.

Public backlash against the ambitious project came at Austin City Hall hearings and through outraged e-mails to local and state representatives. Three Austin area residents went so far as to file a lawsuit (that has since been dropped) against Combs, alleging that she promised race promoters state money before being legally authorized to do so.

Organizers and Formula One supporters have long argued that the income and taxes generated by events at the new stadium will more than offset the state funds being funnelled into the project. Projections have suggested that $400 million will be pumped into the state economy and around 1,300 temporary jobs will be made available during the stadium’s construction.

But even with such predictions and figures floating around, the prevailing question remains, should a state so strapped for cash make such a large financial gamble? Especially on a sport that left the United States four years ago without so much as a whimper?

Perhaps New Jersey is going about this in an appropriate fashion by leaving taxpayers’ money out of the equation. Texas, on the other hand, has thrown itself head-first into its venture, with a quarter of a billion state dollars on the line. With public services reeling from the recent budget cuts, it is difficult not to question the state’s priorities when it comes to allocating funds.

Construction on Texas’s stadium is well underway and the US Grand Prix is tentatively scheduled to be the penultimate race of the 2012 Formula One season. There’s no turning back.

“Now that the Formula One decision has been officially reached, I do hope that it is very successful,” Tovo said. “For the sake of our community and for the sake of our state.”

http://www.thenation.com/blog/162575/texas-gambles-250-million-new-jersey-takes-safer-route

Filed: AOS (pnd) Country: Canada
Timeline
Posted

This article is a bit off.

Austin doesn't speak for the whole state.

If the Austin City Council is voting to spend $25 million annually, then it's on the CITY of Austin. NOT the State of Texas.

Fail article.

Of course, what else do we expect from the left and their silly articles.

Yet we forget that Austin is a LEFT WING city as well! :lol:

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The Great Canadian to Texas Transfer Timeline:

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2/24/2010 - Packet Delivered to VSC

2/26/2010 - VSC Cashed Filing Fee

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8/14/2010 - Touched!

10/04/2010 - NOA2 Received!

10/25/2010 - Packet 3 Received!

02/07/2011 - Medical!

03/15/2011 - Interview in Montreal! - Approved!!!

Filed: Country:
Timeline
Posted
This article is a bit off.

Your understanding of the article is a bit lax...

It states clearly that the State of Texas is pledging the $25million annually for 10 years but the financial agreement required the City of Austin to agree and be party to it if it was to move forward.

This means that if the Austin City Council Voted to not agree to the project and financial agreement then the State of Texas couldn't enter into the agreement.

Filed: AOS (pnd) Country: Canada
Timeline
Posted

Your understanding of the article is a bit lax...

It states clearly that the State of Texas is pledging the $25million annually for 10 years but the financial agreement required the City of Austin to agree and be party to it if it was to move forward.

This means that if the Austin City Council Voted to not agree to the project and financial agreement then the State of Texas couldn't enter into the agreement.

Yeah, I mis-read a part of it.

Either way though, it's a bit off to say that normal taxpayers foot the bill for most of this.

The state has a fund that's especially used for things like this (and where this money is coming from). The money is re-couped through Hotel, Car Rental, Alchol Sales, Entertainment Sales, etc. during the 30-day period surrounding any events that they fund.

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The Great Canadian to Texas Transfer Timeline:

2/22/2010 - I-129F Packet Mailed

2/24/2010 - Packet Delivered to VSC

2/26/2010 - VSC Cashed Filing Fee

3/04/2010 - NOA1 Received!

8/14/2010 - Touched!

10/04/2010 - NOA2 Received!

10/25/2010 - Packet 3 Received!

02/07/2011 - Medical!

03/15/2011 - Interview in Montreal! - Approved!!!

Posted (edited)

on jersey streets? :rofl:

first turn there will be a carjacking. :hehe:

That is if they can get past the toll booths. I never saw a toll booth in the US in my life until I went to Jersey for basic. And even with all those toll booths there, those roads still look like #######.

Edited by Why_Me

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"I want to take this opportunity to mention how thankful I am for an Obama re-election. The choice was clear. We cannot live in a country that treats homosexuals and women as second class citizens. Homosexuals deserve all of the rights and benefits of marriage that heterosexuals receive. Women deserve to be treated with respect and their salaries should not depend on their gender, but their quality of work. I am also thankful that the great, progressive state of California once again voted for the correct President. America is moving forward, and the direction is a positive one."

Filed: Citizen (apr) Country: Russia
Timeline
Posted

This article is a fail because Texas likes NASCAR not that formula one snobby racing stuff. They didn't pass on the opportunity, they voted against it!

Русский форум член.

Ensure your beneficiary makes and brings with them to the States a copy of the DS-3025 (vaccination form)

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Filed: K-1 Visa Country: Isle of Man
Timeline
Posted (edited)

http://in.answers.ya...25110329AA9Xm5O

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Formula 1 is better. Nascar is a boring country hick racing sport where all they do is drive in circles.

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Nascar left overs from moon shine running,the redneck hillbillies,good ole boys.Hell their just rubbin paint,their saying if you can't beat-um, reck-um,hence rubbin,an bumpin.To bad its a dirty sport,a lot of innocent people die,because of some pissed off redneck jerk.They need better rules,intentionally hit someone and your off the track.

Formula 1 is just that refined to the top of technology available in building cars.More towards ones ability to drive and negotiate hairpin turns at the highest speed possible.Power to weight ratio is phenomenal,250 mph is well obtainable.

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rednecks and hillbillies love NASCAR, europeans, rich playboys, and good looking women like formula 1... you decide!

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formula one cars are build for extremely high speed. they reach up to over 400 km/h. nascar instead 320 km/h.

the race tracks have also their differents.

nascar is only taken place in the united states but with international drivers. formula one have their races in almost every continent so they are

more well known.

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F1 drivers aren't boring enough to go round in an oval again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again and again!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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You are asking that question on the US answers? Of course everyone will say NASCAR... personally I have never seen a Nascar race, I have seen a f1 race, the actual race and I follow every race on tv. F1 is much better and its known world wide!!! much faster too!!

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NASCAR is better. Nascar started from thoses good-old-boys from down south

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Well hopefully you know the difference between the cars but I like formula 1 because they are not always going around and around for 400 laps. Guys that race Nascar have problems turning right when they get out of the car, maybe its because most of them are inbred as well; you know to pass the superior "speed" genes in the family. I wonder why the sport is so popular in the American south?

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NASCAR (stock cars) is better. I've been to races of both, and Formula One (open wheel cars) is faster, but there are few passes, it's harder to tell the cars apart, and at least in the US, it doesn't sell as many T-shirts.

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f-1 cause they know how to make right turns as well as left

nascar is good for overweight southern beer drinking morons but its still cool

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NASCAR = a bunch of rednecks driving the same low tech car with outdated engines (carburators!! Yikes!!) chasing each other in a big circle in front of a bunch of drunk spectators.

Formula 1 = a bunch of extremely wealthy race car drivers driving the latest and greatest automotive technology chasing each other around a road course in front of the best crowds in motor racing.

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Nascar RULES!!! Formula 1 is a sport. Nascar is a way of life.

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one is watched by hillbillie rednecks, the other no one even watches.

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Any true Formula 1 fan wouldn't be caught dead or even consider watching Nascar!

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In NASCAR, you drive around an oval track 400 times for a few hours. In F1, you go to other parts of the world, driving in zig zags that tests your body to G forces. NASCAR is boring and pointless, while F1 is less boring and just as pointless.

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NASCAR = BEER, CHEESEBURGERS, GARLIC FRIES, GIRLS IN CUTOFFS

FORMULA 1 = WINE, FILET MIGNON, WALNUT SALAD, GIRLS IN JUMPSUITS

NUFF SAID.

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Edited by Lord Infamous

India, gun buyback and steamroll.

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Filed: Timeline
Posted

:rolleyes:

ask jaun pablo montoya, aj almendinger, nelson piquet jr & kimi raikkonen what they think...hint they've all made the switch to or are currently making the switch to nascar because they wanna race cars not ride in cars that drive themselves.

still think nascar is only rednecks? giddy up homeboy, we don't give a damn what you think. ;)

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Filed: Country: United Kingdom
Timeline
Posted

:rolleyes:

ask jaun pablo montoya, aj almendinger, nelson piquet jr & kimi raikkonen what they think...hint they've all made the switch to or are currently making the switch to nascar because they wanna race cars not ride in cars that drive themselves.

still think nascar is only rednecks? giddy up homeboy, we don't give a damn what you think. ;)

They are switching because its easier to win for them. Once you've driven a formula one car around the streets of Monaco driving a Chevy in a circle is just a cake walk.

K-1 Visa Journey

04/20/2006 - file our I-129f.

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AOS Journey

10/23/2006 - AOS and EAD filed

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Filed: Citizen (apr) Country: Brazil
Timeline
Posted

I feel like I should have an opinion on this but I don't. I've let myself down once again.

:rofl:

* ~ * Charles * ~ *
 

I carry a gun because a cop is too heavy.

 

USE THE REPORT BUTTON INSTEAD OF MESSAGING A MODERATOR!

 

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