Formula 1 has asked Clark County authorities for $40 million in public funding to help cover the $80 million cost of developing a street circuit for the Las Vegas Grand Prix.
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On Tuesday, the Clark County Commission voted 4-3 to approve negotiations with Formula One for a public-private partnership to cover up to $40 million in infrastructure costs for the Las Vegas Grand Prix.
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The race will mark F1’s return to Las Vegas after a 40-year absence, scheduled for November 16-18. The proposed circuit will wind through some of Las Vegas’ most iconic landmarks. Two key landmarks will be the Las Vegas Strip and the Bellagio Fountains.
The F1 calendar has added several new races, with Las Vegas Grand Prix being the newest. The series has also announced plans to race in Miami, Austin, and Saudi Arabia in the coming years.
The growth of F1 in the United States is a major coup for the series. The success of previous races in Miami and Austin, provides tremendous potential for the Las Vegas Grand Prix.
The Clark County Commission will vote on the funding request in the coming weeks. If approved, the funding would help to pay for road improvements, safety measures, and other infrastructure costs associated with the race. The race is projected to generate millions in economic activity for Las Vegas. The funding is hoped to offset some of the costs of hosting the event.
The commission’s approval allows county officials and Formula One to begin negotiations, but more is needed to guarantee that a deal will be reached.
Commissioner Marilyn Kirkpatrick, Justin Jones, and Michael Naft voted against the negotiations.
Naft said he was concerned that the county was not getting enough in return for its investment.
Stephanie Allen, who represented Formula One at the commission meeting, said improvements to county streets and safety components would cost $80 million.
Commissioner Jim Gibson, who voted in favor of starting negotiations, said the county would benefit from taking on some construction costs because there has been an increased interest in bringing other races to Southern Nevada.
Allen said that money from the county would specifically go towards improving the road infrastructure and installing safety features on the track route.
Roughly 3.8 miles of county roadways are being transformed to accommodate the November race, including Las Vegas Boulevard, Harmon Avenue, Koval Lane, and Sands Avenue. Formula One is also constructing its headquarters on Harmon and Koval — a project they paid for.
The first phase of repaving roads for the Las Vegas Grand Prix is expected to be completed by late August. The final track paving will take place between July 16 and September 15. In addition to repaving, the infrastructure work includes setting up temporary barriers, pedestrian access points, and other safety measures.
Kirkpatrick and Jones indicated officials were surprised to hear of the request for county funding.
Kirkpatrick said the price tag gave her reason for concern, especially since the county would not be getting as much back as they’re putting in.
Gibson has doubts and said the county wouldn’t receive much of the money generated from the Las Vegas Grand Prix, even with as many as 170,000 people flooding into town for the three-day race and a projected impact of $1 billion.
Gibson’s concerned that the $40 million needed for the construction of the track will be taken away from the parks and recreation center budget.
Only portions of the room tax and consolidated taxes will be diverted to Clark County, but it’s “nothing extraordinary,” Gibson said.
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