News

Formula one project has received a "green light" by the city of austin

The Formula One United States Grand Prix (Formula 1) project has received a “green light” as it was endorsed by City of Austin council members on 29 June 2011 by a vote of 5 to 2.   By the City of Austin endorsing this project, Formula 1 will receive state subsidies in the amount of $25 million a year over the next 10 years, attracting investors, advertisers, and sponsors to stimulate the local economy.  This has been a heated issue among Austinites, but it is important to understand that the money will be granted from the State of Texas and not the City of Austin.  The funds will be appropriated from the state’s major events trust fund.  The prospect of having a global event occur in the Austin Metropolitan area qualifies for this type of funding, and many in Travis County are eager to see the venue come to the Austin and Travis County area.

The Formula 1 site consists of approximately 1000 acres located in Elroy, Texas in southeast Travis County.  Horizon was contracted by Accelerator Holdings, LLC of Austin, a local Formula 1 affiliate, to provide all required environmental clearances and due diligence requirements for the Formula 1 racetrack.  Horizon conducted City of Austin environmental and habitat assessments in compliance with the local Land Development Code, various Phase I Environmental Site Assessments to facilitate property acquisition, archeological and cultural resource surveys as required by the National Historic Preservation Act, and “waters of the US” delineations and permitting efforts under Section 404 of the Clean Water Act.  As direct result of Horizon’s efforts, the Formula 1 project was approved by the Austin Environmental Board in November 2010 by a unanimous vote of 6 to 0.  Horizon also obtained a US Army Corp of Engineers 404 permit that was required for impacts and restoration to “waters of the US” under a greatly expedited schedule that enabled the construction efforts to commence on schedule to meet the June 2012 Formula 1 race commitment.  Horizon is excited to be a part of the team that was instrumental in facilitating the approval to bring one of the largest sporting events in the world to Austin.  This event will provide revenue and economic value to the local area as well as generate current and future employment for many local citizens.

Further information can be found at:

http://f1newsaustin.com/tag/approved/
http://sports.yahoo.com/f1/news?slug=ycn-8733621
http://www.kvue.com/news/Austin-City-Council-holds-meeting-on-F1-track-124717084.html