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Texas approves payment to race organizers

Dec. 12, 2012 at 2:52 PM   |   Comments

AUSTIN, Texas, Dec. 12 (UPI) -- The Texas government authorized a $29.3 million payment to organizers of the Formula One car race in Austin, the amount the state earmarked for the event.

Hotels in the Austin area took in $32 million in the five-day period leading up to the Nov. 16-18 race, triple its take from the same period last year, Smith Travel Research, which tracks hotel industry data, said.

State Comptroller Susan Combs authorized the payment from Texas' Major Events Trust Fund Wednesday, the amount slightly less than what the organizing group had requested in July, the Austin (Texas) American-Statesman said, noting the payment covers the cost of traffic management, temporary grandstands, other seating and a sanctioning fee to Formula One Management to host the race.

An economic study by the organizing committee estimated the event would produce about $26.4 million in new tax revenue for the state.

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