Tagged: Formula 1

Whirlybirds, eggbeaters, choppers — whatever you want to call them — helicopters brought some kind of ruckus over 2012’s Formula 1 weekend. And now a group is looking at what can make for a less turbulent 2013.

Over 265,000 attendees descended on the Formula 1 track over race weekend, according to the Circuit of the America's count. And as F1 attracts its fair share of uber-wealthy racing fans, many skipped ground transportation altogether in favor of helicopters.

Good morning. Don’t be scared by that bright stuff outside – it’s called sunshine, and you’re forgiven for forgetting it after this week’s rainy weather. The National Weather Service says Austin’s in for a mild day, with a high in the mid-60s.

Lead story: There are conflicting reports this morning on whether charges will be brought against two UT football players accused of sexually assaulting a woman in San Antonio last month.

In a statement yesterday, UT linebacker Jordan Hicks’ lawyer says the investigation is now closed and no charges will be filed in the matter. But a San Antonio Police spokesperson told KUT News yesterday that the investigation is still open.

Update: Here’s more details on the tax break the Circuit of the Americas may be able to capitalize on:  It’s called accelerated depreciation, and gives COTA a fast, seven-year write off on the value of their investment, which may have been as much as $400 million. 

COTA officials says they’re pleased to have the tax break, but say they did not lobby for it. “We did monitor the issue as it moved forward, but were not directly involved in pursuing the extension itself," says spokesperson Ali Putnam.

Austin’s inaugural Formula 1 race may be remembered less for what it was than what it wasn’t: the traffic-choking, city-closing snarl many residents feared it would be.

Argument over what financial role – if any – the city would play regarding F1 were largely left in the rearview mirror; in 2011, the Austin City Council approved an arrangement with track promoters that let them tap the state’s Major Events Trust Fund, without the city having to pay into the fund first.

Instead, questions over Austin’s F1 readiness dominated headlines in 2012.

The promoters behind Austin’s Formula 1 racetrack may tap a state trust fund for more than F1. The Austin City Council authorized the team at the Circuit of the Americas (COTA) to act on the city’s behalf in negotiating payments from the state’s Major Events Trust Fund.

The payments would be for four upcoming races, with the first scheduled for this spring. COTA's promotions group just received more than $29 million from the trust fund to help pay for costs associated with putting on November’s F1 event.