F1 seeks $40M from Clark County for Las Vegas Grand Prix paving project
LAS VEGAS, Nev. (FOX5) - A proposal passed by the Clark County Commission Tuesday creates a public-private partnership between Formula 1 Racing and the county. It does not bind the county to any specific financial contribution for the paving project, but it allows negotiations to move forward.
Liberty Media Corporation, the owner of the Formula One Group, said that they’ve been funding the paving project on The Strip so far, but now they’re asking the county to pitch in.
“The expected total cost of just the improvements on the county right-of-way, along with the safety mechanisms that are necessary for the circuit, is approximately $80 million, and we would ask that the county share half of that or whatever number ultimately will be negotiated.”
However, with the paving project already well underway and the race just months away, some commissioners are asking, “Why now?”
“I get that they’re already here,” said Clark County Commission Chairman James Gibson. “In fact, I talked to one of my colleagues who said right up front, ‘Why are we paying anything? They already agreed to come.”
The chairman also emphasized that this event is the first of its kind in Las Vegas, taking place on public roads owned by the county.
F1 representatives at the meeting said this is a request, not an obligation for the county to pay a certain amount.
Their reasoning was that the paving improvements will benefit the county long-term, even after the race is over.
But not everyone is on board with the $40 million amount they’re requesting.
“What’s $40 million? I’ll tell you what, in our capital budget, that’s a lot,” said Clark County Commissioner Marilyn Kirkpatrick. “That’s somebody’s park, that’s somebody’s recreation center, that’s some building that has duct tape on the carpet because we haven’t made it a priority.”
“With all that we’re trying to do, especially in the human services field and the housing crisis that we find ourselves in, I would support it moving forward for a conversation, but cannot definitely say that if it comes back at $40 million, that I’ll be there,” said Clark County Commissioner William McCurdy II.
The resolution passed with four “yes” votes, moving negotiations forward to determine exactly how much the county will ultimately contribute to the F1 paving project.
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