Travis County may establish a tax increment financing district to build roads and other public infrastructure serving the 3.4-mile Formula One Grand Prix racetrack being built outside Austin.
The district would issue bonds supported by increases in property tax revenue.
County commissioners will consider the district this week. Judge Sam Biscoe said he supported the plan.
Creating the Tax Increment Reinvestment Zone district would not require voter approval.
The county has discussed a plan that included bonds supported by a 2% county hotel tax, which would be in addition to Austin’s 9% tax and the Texas 2% hotel tax. The tax would have required a public vote.
The racetrack is expected to cost $250 million and attract 125,000 fans to an event. If the district is approved, it could issue bonds to widen nearby roads and replace a low bridge currently serving the area.
