Gloves Off in Austin?
05-11-2011 | 01:27 PM
#1
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From: Wishing I Was At The Track
Gloves Off in Austin?
Looks like things are heating up in Austin (and it's not even summer yet):
Texas Taxpayers Finance Formula One Auto Races as Schools Dismiss Teachers
By Darrell Preston and Aaron Kuriloff - May 11, 2011 11:06 AM ET Tweet More
Business ExchangeBuzz up!DiggPrint Email .(Corrects number of teachers in fourth paragraph and attribution for $4 million in 30th.)
Texas, which may balance its budget by firing thousands of teachers, plans to commit $25 million in state funds to Formula One auto racing each year for a decade.
Four years after motorsports’ most popular series left the U.S., Texas investors including Clear Channel Communications Inc. co-founder B.J. “Red” McCombs are building a 3.4-mile (5.5-kilometer) track to bring the event to Austin. Comptroller Susan Combs has agreed to pay $25 million for races through 2022, a subsidy questioned by critics and lawmakers as the state cuts costs to close an estimated $15 billion two-year deficit.
“I don’t understand why 25 people in Austin could not put up $1 million each if they thought this was a good opportunity instead of the state making a $25 million commitment,” said Senator Dan Patrick, a Houston Republican. “The developers should find the money through private sources.”
As many as 100,000 teachers in Texas may be fired because of spending cuts to cope with the state’s budget crisis, according to Moak Casey & Associates, an Austin-based education consultant. For $25 million a year, the state could pay more than 500 teachers an average salary of $48,000.
“I have to wonder why the state of Texas is all over funding for this racetrack and not the school-funding crisis,” said Ewa Siwak, 44, who teaches German in the Austin Independent School District and whose job at Bowie High School is being cut. “Tax dollars for education should be a higher priority.”
Click link to read the rest of the article:
http://www.bloomberg.com/news/2011-0...-teachers.html
Texas Taxpayers Finance Formula One Auto Races as Schools Dismiss Teachers
By Darrell Preston and Aaron Kuriloff - May 11, 2011 11:06 AM ET Tweet More
Business ExchangeBuzz up!DiggPrint Email .(Corrects number of teachers in fourth paragraph and attribution for $4 million in 30th.)
Texas, which may balance its budget by firing thousands of teachers, plans to commit $25 million in state funds to Formula One auto racing each year for a decade.
Four years after motorsports’ most popular series left the U.S., Texas investors including Clear Channel Communications Inc. co-founder B.J. “Red” McCombs are building a 3.4-mile (5.5-kilometer) track to bring the event to Austin. Comptroller Susan Combs has agreed to pay $25 million for races through 2022, a subsidy questioned by critics and lawmakers as the state cuts costs to close an estimated $15 billion two-year deficit.
“I don’t understand why 25 people in Austin could not put up $1 million each if they thought this was a good opportunity instead of the state making a $25 million commitment,” said Senator Dan Patrick, a Houston Republican. “The developers should find the money through private sources.”
As many as 100,000 teachers in Texas may be fired because of spending cuts to cope with the state’s budget crisis, according to Moak Casey & Associates, an Austin-based education consultant. For $25 million a year, the state could pay more than 500 teachers an average salary of $48,000.
“I have to wonder why the state of Texas is all over funding for this racetrack and not the school-funding crisis,” said Ewa Siwak, 44, who teaches German in the Austin Independent School District and whose job at Bowie High School is being cut. “Tax dollars for education should be a higher priority.”
Click link to read the rest of the article:
http://www.bloomberg.com/news/2011-0...-teachers.html
05-11-2011 | 01:44 PM
#4
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From: San Francisco, CA
No issues at all if McCombs & Suavo would have kept this thang 100% private!
Looks like things are heating up in Austin (and it's not even summer yet. ):
“I don’t understand why 25 people in Austin could not put up $1 million each if they thought this was a good opportunity instead of the state making a $25 million commitment,” said Senator Dan Patrick, a Houston Republican. “The developers should find the money through private sources.”
“I don’t understand why 25 people in Austin could not put up $1 million each if they thought this was a good opportunity instead of the state making a $25 million commitment,” said Senator Dan Patrick, a Houston Republican. “The developers should find the money through private sources.”
05-11-2011 | 01:53 PM
#5
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From: San Francisco, CA
05-11-2011 | 02:28 PM
#7
Burning Brakes
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From: Montréal, Québec, Canada
From what I understood the subsidy is funded by sales taxes generated by on-track activity (concessions, track rentals, etc., etc.)
So in theory that revenue would not be there without the track.
Will the track generate enough sales tax? I have no idea.
And please don't compare Austin to Indianapolis. Indianapolis is only know for the Indy 500. Austin has plenty of other things going for it. If the F1 thing never happens it would be just fine.
It may not be Montreal in terms of fun (I haven't researched the stripper/spectator ratio to say definitively) but should be a good party.
So in theory that revenue would not be there without the track.
Will the track generate enough sales tax? I have no idea.
And please don't compare Austin to Indianapolis. Indianapolis is only know for the Indy 500. Austin has plenty of other things going for it. If the F1 thing never happens it would be just fine.
It may not be Montreal in terms of fun (I haven't researched the stripper/spectator ratio to say definitively) but should be a good party.
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05-11-2011 | 02:49 PM
#8
Drifting
Joined: Jul 2007
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From: The great Republic of Texas
Hey "Frank" have you even been to Austin at all? Cause I've been to both San Fran and Austin, on multiple ocassions, and the latter is a far more entertaining (and prettier) city. Just saying.
05-11-2011 | 03:01 PM
#9
Race Car
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From: San Martin, CA
Scott
05-11-2011 | 04:01 PM
#12
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From: San Francisco, CA
You're from South Texas is that not correct amigo?
Visually you like the looks of Austin over San Francisco?
05-11-2011 | 04:08 PM
#13
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From: San Francisco, CA
That ol' dude down on the border is simply proud of everything Texan is all compadre!
Will say that Austin, Texas is not rolling in quality poontaang over the 25-year-old mark. 90% of the hotties on the streets are college-aged gals. Austin actually has a very small Junior Acheiver group of single professional girls for a city it's size. Compare that to San Francisco where there are women all over the damn place AND... they use complete sentences.
My observation and field research.
