A group of Austin business executives and lawyers have formally asked the state for $25 million of funds each year over the next 10 years to cover costs associated with a series of Formula 1 auto races at a track under construction in southeast Travis County.
The five-member Circuit Events Local Organizing Committee, acting on behalf of the city of Austin, has submitted a request to Texas Comptroller Susan Combs for the annual subsidies. The money would come from the state’s Major Events Trust Fund.
Combs has 30 days to determine the appropriate level of support.
The submission includes an economic impact study that predicts the events will generate $293 million in direct economic impact in Travis, Comal, and Bexar counties.
An earlier study that focused only on Travis County showed an economic impact of $288 million.
The study said spending associated with the international race series would result in $26.2 million a year of new state revenues.
The Austin City Council endorsed the subsidy request on July 16.