Originally Posted by blipit
I wouldn't worry too much. It should pass.
The race organizers will front the first year's 4 million. The remaining 9 years 4 million/year will come from taxes from tourists visiting for the race.
Some council members had stated they are happy to hear no actual public tax dollars will be used to fund the race.
I don't see a minor 4 million a year holding up a project and event of this magnitude. For example, Australia pays something like $50 mill a year for the Australian Grand Prix.
you'll be surprised...
$4million is a lot if the council are full of fiscal conservatives. I say the investors needs to start getting their checkbooks out, they're going to need to "bribe" some people to get this through. I don't doubt they can't, so I think this event will go on for 2012.