Finances of Formula One

RECEIVED Fri., Oct. 31, 2014

Dear Editor:
    I am writing regarding “Public Notice: Maybe It's Time for Formula Two” [News, Oct. 31], the excellent exposé by Nick Barbaro and the finances of Formula One and whether Austin has made any money to offset the $29 million it "ponied up" to bring Formula One to Austin.
    There's another issue – the Del Valle school system was forced to close down on Oct. 31 – because of the traffic created by Formula One in their town near the airport. Has the Del Valle school system been compensated for this closure by the Formula One enterprise?
    Again, we see where Texas political leaders' priorities lie – giving $29 million to a questionably profitable enterprise or providing $29 million to the Texas public schools.
Marjorie Krug
   [Editor's note: The economic incentive funding for the Formula One "sanctioning fee" came from the state of Texas, not the city of Austin. Austin was the local sponsoring jurisdiction.]
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