F1 frenzy subsides as locals question next year's race
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In Del Valle Tuesday, the peace and quiet had returned to a neighborhood north of the Circuit of the Americas race track after the hustle and bustle of the U.S. Grand Prix weekend.
Resident Patricia King, among other neighbors, says she's been all for F1 and the potential increased infrastructure it could bring to the area. However, as far as future years are concerned, she has some advice for how it can be better handled for those whose homes are right next door.
"We were not able to get into the subdivision, which means they were directing people to turn around at Pierce Lane to get on the toll road, they had to take the toll to get on 71, turn around to get into their subdivision,” King said. “I would like to have a committee, have some residents serve on the planning committee, transportation planning committee so we can work it out for next year."
Something else still being worked out is whether or not the state will reimburse race promoters about $25 million--a tax incentive payment from the Major Events Trust Fund.
With the overall positive perception of the race, and the 117,000 fans who packed the track, state officials expect F1 will qualify for the money.
There are no front-end, long-term deals as once pledged by State Comptroller Susan Combs. This leaves it up to investors to apply each year with the amount received based on tax revenue.
"They send in an application each year and with each year's application, we would do an estimate with what the incremental tax increase would be for that year's event and that's the money that would get set up,” State Comptroller Spokesperson R.J. DeSilva said.
It’s an incentive investors are banking on for years to come, while nearby residents bank on better communication with the city.
"I'm not against F1,” King said. “I hope this is the catalyst that really starts the infrastructure for this area because we have nothing in this area at all."
The state comptroller's office says the final amount paid out to F1 will be determined later.
Race promoters must first send in their reimbursement requests based on event expenses.