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F1 Briefing for City Council on June 7th

F1 Briefing for City Council on June 7th

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Published by KUTNews

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Published by: KUTNews on Jun 07, 2011
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06/07/2011

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Briefing onFormula 1United States Grand Prix
 June 7, 2011
 
 Topics Covered
n
 
Background
q
 
Why we are here - Formula 1 U.S. Grand Prix
n
 
Major Events Trust Fund (METF)
q
 
Background on legislative action and recruitment of Formula 1
q
 
Program history, benefits, and how to utilize the fund
q
 
How this event differs from other METF events
n
 
Circuit Events Local Organizing Committee (LOC)
q
 
Detail the request of the City of Austin
n
 
Circuit of the Americas Facility
n
 
Future Council Consideration
q
 
Agreement with the Texas Comptroller 
q
 
Agreement with the LOC
2
 
3
Definitions
n
 
Major Events Trust Fund (METF)
q
 
An economic development tool created (under a different name) by the 1999 legislatureto recruit and attract large sporting events for the purpose of deriving economic benefitsfrom those events.
n
 
Formula 1
q
 
A series of races known as Grands Prix held on purpose-built circuits and public roads.The 2011 season is expected to feature 20 races located around the globe.
 
n
 
Circuit Events Local Organizing Committee (LOC)
q
 
A non-profit corporation created to coordinate the hosting of the Formula 1 U.S. GrandPrix. The LOC will act in the interest of the City for the purposes of interacting with theTexas Comptroller as authorized by the METF statute.
n
 
Full Throttle Productions
q
 
An Austin-based company owned by Tavo Hellmun that was instrumental in bidding for the Formula 1 U.S. Grand Prix
n
 
Formula One Management, Ltd. (FOM)
 
q
 
Headquartered in the United Kingdom, FOM owns the commercial rights for Formula 1and coordinates the planning of Formula 1 races. The 2009 State legislature addedFOM to the METF list of 
site selection organizations
to acknowledge that FOM is thegroup that determines Formula 1 racing sites.
n
 
Circuit of the Americas
q
 
A multifunctional facility being constructed in Austin to host the Formula 1 U.S. GrandPrix, MotoGP, and other year-round high-profile events.
 

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